Nationwide Small Company Growth Fund (NWSAX) NPORT-P Nationwide Bond Index Fund (Jan 2024 report)

Nationwide

Destination

2025

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

88

.2

%

Shares

Value

($)

Alternative

Assets

5.4%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

894,007

8,662,925

Total

Alternative

Assets

(cost

$8,643,901)

8,662,925

Equity

Funds

34.0%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

505,886

5,433,219

Nationwide

International

Index

Fund,

Class

R6(a)

1,657,453

14,287,241

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

185,908

2,952,216

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,561,104

21,480,795

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

31,691

350,506

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

858,490

9,803,954

Total

Equity

Funds

(cost

$40,958,821)

54,307,931

Fixed

Income

Funds

48.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

8,053,804

68,296,261

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,062,852

9,597,552

Total

Fixed

Income

Funds

(cost

$87,246,462)

77,893,813

Total

Investment

Companies

(cost

$136,849,184)

140,864,669

Exchange

Traded

Funds

4

.5

%

Shares

Value

($)

Equity

Fund

2.6%

iShares

Core

MSCI

Emerging

Markets

ETF

84,646

4,101,099

Fixed

Income

Fund

1.9%

iShares

20+

Year

Treasury

Bond

ETF

31,476

3,042,470

Total

Exchange

Traded

Funds

(cost

$8,078,777)

7,143,569

Short-Term

Investment

7

.3

%

Money

Market

Fund

7

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

11,581,490

11,581,490

Total

Short-Term

Investment

(cost

$11,581,490)

11,581,490

Total

Investments

(cost

$156,509,451)

—

100.0%

159,589,728

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

2,152

)

NET

ASSETS

—

100.0%

$

159,587,576

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2025

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2025

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

7,143,569

$

–

$

–

$

7,143,569

Investment

Companies

140,864,669

–

–

140,864,669

Short-Term

Investment

11,581,490

–

–

11,581,490

Total

$

159,589,728

$

–

$

–

$

159,589,728

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2030

Fund

Investment

Companies

90

.6

%

Shares

Value

($)

Alternative

Assets

3.9%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

799,645

7,748,557

Total

Alternative

Assets

(cost

$7,849,485)

7,748,557

Equity

Funds

50.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

911,480

9,789,300

Nationwide

International

Index

Fund,

Class

R6(a)

3,024,962

26,075,173

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

380,211

6,037,748

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,793,020

38,431,958

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

256,828

2,840,519

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,552,651

17,731,271

Total

Equity

Funds

(cost

$78,852,518)

100,905,969

Fixed

Income

Funds

36.6%

Nationwide

Bond

Portfolio,

Class

R6(a)

8,074,521

68,471,938

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

591,988

5,345,651

Total

Fixed

Income

Funds

(cost

$82,387,066)

73,817,589

Total

Investment

Companies

(cost

$169,089,069)

182,472,115

Exchange

Traded

Funds

5

.4

%

Shares

Value

($)

Equity

Fund

3.9%

iShares

Core

MSCI

Emerging

Markets

ETF

161,953

7,846,623

Fixed

Income

Fund

1.5%

iShares

20+

Year

Treasury

Bond

ETF

31,647

3,058,999

Total

Exchange

Traded

Funds

(cost

$12,094,539)

10,905,622

Short-Term

Investment

4

.0

%

Money

Market

Fund

4

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

8,125,790

8,125,790

Total

Short-Term

Investment

(cost

$8,125,790)

8,125,790

Total

Investments

(cost

$189,309,398)

—

100.0%

201,503,527

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

57,746

)

NET

ASSETS

—

100.0%

$

201,445,781

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2030

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2030

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

10,905,622

$

–

$

–

$

10,905,622

Investment

Companies

182,472,115

–

–

182,472,115

Short-Term

Investment

8,125,790

–

–

8,125,790

Total

$

201,503,527

$

–

$

–

$

201,503,527

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2035

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

91

.6

%

Shares

Value

($)

Alternative

Assets

2.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

536,287

5,196,618

Total

Alternative

Assets

(cost

$5,305,288)

5,196,618

Equity

Funds

60.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,008,441

10,830,652

Nationwide

International

Index

Fund,

Class

R6(a)

3,422,103

29,498,529

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

514,443

8,169,350

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,125,839

43,011,539

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

432,854

4,787,366

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,744,131

19,917,971

Total

Equity

Funds

(cost

$92,865,866)

116,215,407

Fixed

Income

Funds

28.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

6,077,863

51,540,275

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

226,909

2,048,985

Total

Fixed

Income

Funds

(cost

$58,865,254)

53,589,260

Total

Investment

Companies

(cost

$157,036,408)

175,001,285

Exchange

Traded

Funds

6

.4

%

Shares

Value

($)

Equity

Fund

5.2%

iShares

Core

MSCI

Emerging

Markets

ETF

205,701

9,966,213

Fixed

Income

Fund

1.2%

iShares

20+

Year

Treasury

Bond

ETF

23,016

2,224,727

Total

Exchange

Traded

Funds

(cost

$13,236,096)

12,190,940

Short-Term

Investment

2

.0

%

Money

Market

Fund

2

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

3,783,521

3,783,521

Total

Short-Term

Investment

(cost

$3,783,521)

3,783,521

Total

Investments

(cost

$174,056,025)

—

100.0%

190,975,746

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

49,113

)

NET

ASSETS

—

100.0%

$

190,926,633

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2035

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2035

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,190,940

$

–

$

–

$

12,190,940

Investment

Companies

175,001,285

–

–

175,001,285

Short-Term

Investment

3,783,521

–

–

3,783,521

Total

$

190,975,746

$

–

$

–

$

190,975,746

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2040

Fund

Investment

Companies

92

.0

%

Shares

Value

($)

Alternative

Assets

1.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

316,115

3,063,159

Total

Alternative

Assets

(cost

$3,076,343)

3,063,159

Equity

Funds

70.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,052,980

11,309,008

Nationwide

International

Index

Fund,

Class

R6(a)

3,528,038

30,411,689

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

576,472

9,154,370

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,259,430

44,849,756

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

408,321

4,516,028

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,773,458

20,252,889

Total

Equity

Funds

(cost

$96,962,589)

120,493,740

Fixed

Income

Funds

19.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

3,796,273

32,192,397

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

59,617

538,339

Total

Fixed

Income

Funds

(cost

$35,779,080)

32,730,736

Total

Investment

Companies

(cost

$135,818,012)

156,287,635

Exchange

Traded

Funds

7

.1

%

Shares

Value

($)

Equity

Fund

6.1%

iShares

Core

MSCI

Emerging

Markets

ETF

213,682

10,352,893

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

17,370

1,678,984

Total

Exchange

Traded

Funds

(cost

$12,936,424)

12,031,877

Short-Term

Investment

0

.9

%

Money

Market

Fund

0

.9

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

1,580,182

1,580,182

Total

Short-Term

Investment

(cost

$1,580,182)

1,580,182

Total

Investments

(cost

$150,334,618)

—

100.0%

169,899,694

Other

assets

in

excess

of

liabilities

—

0.0%

†

2,581

NET

ASSETS

—

100.0%

$

169,902,275

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2040

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2040

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

12,031,877

$

–

$

–

$

12,031,877

Investment

Companies

156,287,635

–

–

156,287,635

Short-Term

Investment

1,580,182

–

–

1,580,182

Total

$

169,899,694

$

–

$

–

$

169,899,694

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2045

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

92

.0

%

Shares

Value

($)

Alternative

Assets

0.9%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

136,811

1,325,699

Total

Alternative

Assets

(cost

$1,346,519)

1,325,699

Equity

Funds

76.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,026,081

11,020,114

Nationwide

International

Index

Fund,

Class

R6(a)

3,588,367

30,931,725

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

611,167

9,705,340

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,189,052

43,881,353

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

387,366

4,284,266

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,757,492

20,070,558

Total

Equity

Funds

(cost

$97,155,061)

119,893,356

Fixed

Income

Fund

14.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,633,667

22,333,494

Total

Fixed

Income

Funds

(cost

$24,392,770)

22,333,494

Total

Investment

Companies

(cost

$122,894,350)

143,552,549

Exchange

Traded

Funds

7

.5

%

Shares

Value

($)

Equity

Fund

6.5%

iShares

Core

MSCI

Emerging

Markets

ETF

209,927

10,170,963

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF

16,542

1,598,949

Total

Exchange

Traded

Funds

(cost

$12,679,569)

11,769,912

Short-Term

Investment

0

.4

%

Money

Market

Fund

0

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

692,649

692,649

Total

Short-Term

Investment

(cost

$692,649)

692,649

Total

Investments

(cost

$136,266,568)

—

99.9%

156,015,110

Other

assets

in

excess

of

liabilities

—

0.1%

90,980

NET

ASSETS

—

100.0%

$

156,106,090

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2045

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2045

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,769,912

$

–

$

–

$

11,769,912

Investment

Companies

143,552,549

–

–

143,552,549

Short-Term

Investment

692,649

–

–

692,649

Total

$

156,015,110

$

–

$

–

$

156,015,110

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2050

Fund

Investment

Companies

92

.0

%

Shares

Value

($)

Alternative

Assets

0.2%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

30,535

295,889

Total

Alternative

Assets

(cost

$295,459)

295,889

Equity

Funds

79.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,021,894

10,975,146

Nationwide

International

Index

Fund,

Class

R6(a)

3,443,261

29,680,913

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

626,850

9,954,375

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,172,328

43,651,236

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

375,564

4,153,738

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,726,235

19,713,606

Total

Equity

Funds

(cost

$96,225,940)

118,129,014

Fixed

Income

Fund

11.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,068,677

17,542,384

Total

Fixed

Income

Funds

(cost

$18,886,992)

17,542,384

Total

Investment

Companies

(cost

$115,408,391)

135,967,287

Exchange

Traded

Funds

8

.0

%

Shares

Value

($)

Equity

Fund

6.9%

iShares

Core

MSCI

Emerging

Markets

ETF

211,530

10,248,629

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

16,729

1,617,025

Total

Exchange

Traded

Funds

(cost

$12,658,555)

11,865,654

Total

Investments

(cost

$128,066,946)

—

100.0%

147,832,941

Other

assets

in

excess

of

liabilities

—

0.0%

†

3,907

NET

ASSETS

—

100.0%

$

147,836,848

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2050

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2050

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

11,865,654

$

–

$

–

$

11,865,654

Investment

Companies

135,967,287

–

–

135,967,287

Total

$

147,832,941

$

–

$

–

$

147,832,941

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2055

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

91

.7

%

Shares

Value

($)

Equity

Funds

81.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

685,507

7,362,342

Nationwide

International

Index

Fund,

Class

R6(a)

2,429,801

20,944,889

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

442,286

7,023,505

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,127,210

29,270,406

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

256,713

2,839,250

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,171,921

13,383,336

Total

Equity

Funds

(cost

$66,295,062)

80,823,728

Fixed

Income

Fund

10.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,180,081

10,007,083

Total

Fixed

Income

Funds

(cost

$10,616,735)

10,007,083

Total

Investment

Companies

(cost

$76,911,797)

90,830,811

Exchange

Traded

Funds

8

.3

%

Shares

Value

($)

Equity

Fund

7.2%

iShares

Core

MSCI

Emerging

Markets

ETF

146,282

7,087,363

Fixed

Income

Fund

1.1%

iShares

20+

Year

Treasury

Bond

ETF

11,333

1,095,448

Total

Exchange

Traded

Funds

(cost

$8,660,776)

8,182,811

Total

Investments

(cost

$85,572,573)

—

100.0%

99,013,622

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

11,802

)

NET

ASSETS

—

100.0%

$

99,001,820

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2055

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2055

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

8,182,811

$

–

$

–

$

8,182,811

Investment

Companies

90,830,811

–

–

90,830,811

Total

$

99,013,622

$

–

$

–

$

99,013,622

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2060

Fund

Investment

Companies

91

.8

%

Shares

Value

($)

Equity

Funds

82.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

319,181

3,428,009

Nationwide

International

Index

Fund,

Class

R6(a)

1,134,714

9,781,231

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

217,454

3,453,168

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

993,749

13,673,983

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

125,815

1,391,513

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

549,401

6,274,161

Total

Equity

Funds

(cost

$31,518,081)

38,002,065

Fixed

Income

Fund

9.1%

Nationwide

Bond

Portfolio,

Class

R6(a)

496,768

4,212,591

Total

Fixed

Income

Funds

(cost

$4,388,562)

4,212,591

Total

Investment

Companies

(cost

$35,906,643)

42,214,656

Exchange

Traded

Funds

8

.2

%

Shares

Value

($)

Equity

Fund

7.3%

iShares

Core

MSCI

Emerging

Markets

ETF

69,228

3,354,097

Fixed

Income

Fund

0.9%

iShares

20+

Year

Treasury

Bond

ETF

4,169

402,975

Total

Exchange

Traded

Funds

(cost

$3,900,050)

3,757,072

Total

Investments

(cost

$39,806,693)

—

100.0%

45,971,728

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

958

)

NET

ASSETS

—

100.0%

$

45,970,770

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Nationwide

Destination

2060

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2060

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

3,757,072

$

–

$

–

$

3,757,072

Investment

Companies

42,214,656

–

–

42,214,656

Total

$

45,971,728

$

–

$

–

$

45,971,728

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Destination

2065

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Investment

Companies

91

.9

%

Shares

Value

($)

Equity

Funds

83.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

46,974

504,499

Nationwide

International

Index

Fund,

Class

R6(a)

169,390

1,460,146

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

33,655

534,435

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

147,274

2,026,486

Nationwide

Small

Cap

Index

Fund,

Class

R6(a)

19,409

214,662

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

81,784

933,970

Total

Equity

Funds

(cost

$4,919,521)

5,674,198

Fixed

Income

Fund

8.4%

Nationwide

Bond

Portfolio,

Class

R6(a)

67,564

572,944

Total

Fixed

Income

Funds

(cost

$576,125)

572,944

Total

Investment

Companies

(cost

$5,495,646)

6,247,142

Exchange

Traded

Funds

8

.1

%

Shares

Value

($)

Equity

Fund

7.5%

iShares

Core

MSCI

Emerging

Markets

ETF

10,517

509,549

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF

452

43,690

Total

Exchange

Traded

Funds

(cost

$566,161)

553,239

Total

Investments

(cost

$6,061,807)

—

100.0%

6,800,381

Other

assets

in

excess

of

liabilities

—

0.0%

†

1,114

NET

ASSETS

—

100.0%

$

6,801,495

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

2065

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Destination

2065

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

553,239

$

–

$

–

$

553,239

Investment

Companies

6,247,142

–

–

6,247,142

Total

$

6,800,381

$

–

$

–

$

6,800,381

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

Investment

Companies

87

.7

%

Shares

Value

($)

Alternative

Assets

5.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

616,206

5,971,035

Total

Alternative

Assets

(cost

$5,610,315)

5,971,035

Equity

Funds

30.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

299,456

3,216,160

Nationwide

International

Index

Fund,

Class

R6(a)

961,720

8,290,023

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

105,628

1,677,369

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

916,020

12,604,439

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

509,129

5,814,248

Total

Equity

Funds

(cost

$23,932,644)

31,602,239

Fixed

Income

Funds

51.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

5,418,633

45,950,009

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

776,437

7,011,229

Total

Fixed

Income

Funds

(cost

$59,519,568)

52,961,238

Total

Investment

Companies

(cost

$89,062,527)

90,534,512

Exchange

Traded

Funds

4

.3

%

Shares

Value

($)

Equity

Fund

2.3%

iShares

Core

MSCI

Emerging

Markets

ETF

49,284

2,387,810

Fixed

Income

Fund

2.0%

iShares

20+

Year

Treasury

Bond

ETF

21,046

2,034,306

Total

Exchange

Traded

Funds

(cost

$5,002,393)

4,422,116

Short-Term

Investment

8

.0

%

Money

Market

Fund

8

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

8,204,559

8,204,559

Total

Short-Term

Investment

(cost

$8,204,559)

8,204,559

Total

Investments

(cost

$102,269,479)

—

100.0%

103,161,187

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

14,203

)

NET

ASSETS

—

100.0%

$

103,146,984

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

Nationwide

Destination

Retirement

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Destination

Retirement

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

4,422,116

$

–

$

–

$

4,422,116

Investment

Companies

90,534,512

–

–

90,534,512

Short-Term

Investment

8,204,559

–

–

8,204,559

Total

$

103,161,187

$

–

$

–

$

103,161,187

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Aggressive

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90

.5

%

Shares

Value

($)

Equity

Funds

83.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

4,591,322

49,310,798

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

907,488

12,659,459

Nationwide

International

Index

Fund,

Class

R6(a)

11,445,296

98,658,454

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,592,531

24,836,446

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

4,642,029

73,715,427

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

13,802,453

189,921,751

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

7,101,345

81,097,362

Total

Equity

Funds

(cost

$424,880,228)

530,199,697

Fixed

Income

Funds

7.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

4,545,909

38,549,306

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

656,775

6,245,929

Total

Fixed

Income

Funds

(cost

$46,442,472)

44,795,235

Total

Investment

Companies

(cost

$471,322,700)

574,994,932

Exchange

Traded

Funds

9

.6

%

Shares

Value

($)

Equity

Funds

9.4%

iShares

Core

MSCI

Emerging

Markets

ETF

960,991

46,560,014

iShares

Core

S&P

Small-Cap

ETF

124,777

12,976,808

Total

Equity

Funds

(cost

$62,923,102)

59,536,822

Fixed

Income

Fund

0.2%

iShares

7-10

Year

Treasury

Bond

ETF

10,492

1,012,058

Total

Fixed

Income

Funds

(cost  $1,006,344)

1,012,058

Total

Exchange

Traded

Funds

(cost

$63,929,446)

60,548,880

Total

Investments

(cost

$535,252,146)

—

100.1%

635,543,812

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

352,941

)

NET

ASSETS

—

100.0%

$

635,190,871

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Aggressive

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

60,548,880

$

–

$

–

$

60,548,880

Investment

Companies

574,994,932

–

–

574,994,932

Total

$

635,543,812

$

–

$

–

$

635,543,812

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

Investment

Companies

78

.6

%

Shares

Value

($)

Alternative

Assets

1.6%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

495,065

4,797,184

Total

Alternative

Assets

(cost

$4,685,369)

4,797,184

Equity

Funds

17.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

557,450

5,987,017

Nationwide

International

Index

Fund,

Class

R6(a)

912,306

7,864,075

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

85,874

822,673

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

349,801

5,554,838

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

1,734,450

23,866,025

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

883,592

10,090,616

Total

Equity

Funds

(cost

$37,100,192)

54,185,244

Fixed

Income

Funds

59.5%

Nationwide

Bond

Portfolio,

Class

R6(a)

13,907,282

117,933,754

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,770,831

15,990,603

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,005,427

9,561,608

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

4,170,698

41,248,202

Total

Fixed

Income

Funds

(cost

$199,223,921)

184,734,167

Total

Investment

Companies

(cost

$241,009,482)

243,716,595

Exchange

Traded

Funds

12

.2

%

Shares

Value

($)

Equity

Funds

1.7%

iShares

Core

MSCI

Emerging

Markets

ETF

90,471

4,383,320

iShares

Core

S&P

Small-Cap

ETF

7,633

793,832

Total

Equity

Funds

(cost

$5,093,246)

5,177,152

Fixed

Income

Funds

10.5%

iShares

20+

Year

Treasury

Bond

ETF

137,928

13,332,120

iShares

7-10

Year

Treasury

Bond

ETF

101,262

9,767,733

iShares

U.S.

Treasury

Bond

ETF

416,912

9,588,976

Total

Fixed

Income

Funds

(cost

$39,859,743)

32,688,829

Total

Exchange

Traded

Funds

(cost

$44,952,989)

37,865,981

Short-Term

Investment

9

.3

%

Money

Market

Fund

9

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(b)

28,970,989

28,970,989

Total

Short-Term

Investment

(cost

$28,970,989)

28,970,989

Total

Investments

(cost

$314,933,460)

—

100.1%

310,553,565

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

315,064

)

NET

ASSETS

—

100.0%

$

310,238,501

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

Represents

7-day

effective

yield

as

of

January

31,

2024.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Conservative

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Conservative

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

37,865,981

$

–

$

–

$

37,865,981

Investment

Companies

243,716,595

–

–

243,716,595

Short-Term

Investment

28,970,989

–

–

28,970,989

Total

$

310,553,565

$

–

$

–

$

310,553,565

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderate

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

85

.5

%

Shares

Value

($)

Alternative

Assets

0.7%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

525,893

5,095,905

Total

Alternative

Assets

(cost

$4,904,575)

5,095,905

Equity

Funds

51.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,471,015

37,278,697

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

464,707

6,482,660

Nationwide

International

Index

Fund,

Class

R6(a)

7,520,492

64,826,645

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,122,314

10,751,769

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

2,057,107

32,666,863

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

10,176,589

140,029,868

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

5,394,341

61,603,372

Total

Equity

Funds

(cost

$273,559,936)

353,639,874

Fixed

Income

Funds

33.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

18,767,814

159,151,060

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

752,711

6,796,981

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

3,646,886

34,681,889

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,727,254

26,972,540

Total

Fixed

Income

Funds

(cost

$242,763,391)

227,602,470

Total

Investment

Companies

(cost

$521,227,902)

586,338,249

Exchange

Traded

Funds

10

.3

%

Equity

Funds

6.3%

iShares

Core

MSCI

Emerging

Markets

ETF

535,796

25,959,316

iShares

Core

S&P

Small-Cap

ETF(b)

168,099

17,482,296

Total

Equity

Funds

(cost

$46,020,368)

43,441,612

Fixed

Income

Funds

4.0%

iShares

20+

Year

Treasury

Bond

ETF

109,334

10,568,225

iShares

7-10

Year

Treasury

Bond

ETF

71,493

6,896,215

iShares

U.S.

Treasury

Bond

ETF

442,916

10,187,068

Total

Fixed

Income

Funds

(cost

$33,140,409)

27,651,508

Total

Exchange

Traded

Funds

(cost

$79,160,777)

71,093,120

Short-Term

Investment

4

.2

%

Shares

Value

($)

Money

Market

Fund

4

.2

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(c)

28,693,883

28,693,883

Total

Short-Term

Investment

(cost

$28,693,883)

28,693,883

Repurchase

Agreements

2

.3

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,568,070,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$4,659,431.(d)

4,567,396

4,567,396

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$9,930,378,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$10,128,986.

(d)

9,928,916

9,928,916

Societe

Generale,

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,000,147,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$15,496,312)

15,496,312

Total

Investments

(cost

$644,578,874)

—

102.3%

701,621,564

Liabilities

in

excess

of

other

assets

—

(2.3)%

(

15,792,231

)

NET

ASSETS

—

100.0%

$

685,829,333

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$14,785,472,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,496,312.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2024.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$15,496,312.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Moderate

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

71,093,120

$

–

$

–

$

71,093,120

Investment

Companies

586,338,249

–

–

586,338,249

Repurchase

Agreements

–

15,496,312

–

15,496,312

Short-Term

Investment

28,693,883

–

–

28,693,883

Total

$

686,125,252

$

15,496,312

$

–

$

701,621,564

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

91

.3

%

Shares

Value

($)

Alternative

Assets

0.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

701,296

6,795,559

Total

Alternative

Assets

(cost

$6,488,527)

6,795,559

Equity

Funds

68.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

5,804,510

62,340,440

Nationwide

GQG

US

Quality

Equity

Fund,

Class

R6(a)

991,069

13,825,414

Nationwide

International

Index

Fund,

Class

R6(a)

13,239,911

114,128,035

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,040,644

29,129,372

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

4,423,283

70,241,739

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

17,185,423

236,471,419

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

9,080,262

103,696,590

Total

Equity

Funds

(cost

$499,945,607)

629,833,009

Fixed

Income

Funds

21.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

20,972,244

177,844,627

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

548,734

4,955,067

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,945,348

18,500,257

Total

Fixed

Income

Funds

(cost

$213,953,001)

201,299,951

Total

Investment

Companies

(cost

$720,387,135)

837,928,519

Exchange

Traded

Funds

8

.7

%

Equity

Funds

8.7%

iShares

Core

MSCI

Emerging

Markets

ETF

1,277,810

61,909,894

iShares

Core

S&P

Small-Cap

ETF(b)

179,335

18,650,840

Total

Exchange

Traded

Funds

(cost

$85,023,277)

80,560,734

Repurchase

Agreements

0

.9

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,470,726,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$2,520,140.(c)

2,470,362

2,470,362

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,398,454,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$4,486,423.(c)

4,397,807

4,397,807

Societe

Generale,

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,054,870,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$1,075,809.(c)

1,054,715

1,054,715

Total

Repurchase

Agreements

(cost

$7,922,884)

7,922,884

Total

Investments

(cost

$813,333,296)

—

100.9%

926,412,137

Liabilities

in

excess

of

other

assets

—

(0.9)%

(

8,451,885

)

NET

ASSETS

—

100.0%

$

917,960,252

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$7,559,448,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,922,884.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$7,922,884.

ETF

Exchange

Traded

Fund

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Aggressive

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

80,560,734

$

–

$

–

$

80,560,734

Investment

Companies

837,928,519

–

–

837,928,519

Repurchase

Agreements

–

7,922,884

–

7,922,884

Total

$

918,489,253

$

7,922,884

$

–

$

926,412,137

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

83

.4

%

Shares

Value

($)

Alternative

Assets

0.8%

Nationwide

Amundi

Strategic

Income

Fund,

Class

R6(a)

197,132

1,910,214

Total

Alternative

Assets

(cost

$1,868,717)

1,910,214

Equity

Funds

34.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

854,560

9,177,975

Nationwide

International

Index

Fund,

Class

R6(a)

1,779,731

15,341,278

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

182,663

1,749,913

Nationwide

Mid

Cap

Market

Index

Fund,

Class

R6(a)

634,662

10,078,433

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

2,641,471

36,346,637

Nationwide

U.S.

130/30

Equity

Portfolio,

Class

R6(a)

1,364,697

15,584,839

Total

Equity

Funds

(cost

$65,326,742)

88,279,075

Fixed

Income

Funds

47.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

9,826,791

83,331,190

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

846,564

7,644,475

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,092,769

10,392,235

Nationwide

Loomis

Short

Term

Bond

Fund,

Class

R6(a)

2,010,815

19,886,963

Total

Fixed

Income

Funds

(cost

$130,546,121)

121,254,863

Total

Investment

Companies

(cost

$197,741,580)

211,444,152

Exchange

Traded

Funds

10

.6

%

Equity

Funds

3.9%

iShares

Core

MSCI

Emerging

Markets

ETF

139,185

6,743,513

iShares

Core

S&P

Small-Cap

ETF

30,940

3,217,760

Total

Equity

Funds

(cost

$10,196,522)

9,961,273

Fixed

Income

Funds

6.7%

iShares

20+

Year

Treasury

Bond

ETF

54,665

5,283,919

Exchange

Traded

Funds

Shares

Value

($)

iShares

7-10

Year

Treasury

Bond

ETF(b)

52,927

5,105,338

iShares

U.S.

Treasury

Bond

ETF

281,284

6,469,532

Total

Fixed

Income

Funds

(cost

$19,900,961)

16,858,789

Total

Exchange

Traded

Funds

(cost

$30,097,483)

26,820,062

Short-Term

Investment

6

.3

%

Money

Market

Fund

6

.3

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.26%

(c)

15,872,904

15,872,904

Total

Short-Term

Investment

(cost

$15,872,904)

15,872,904

Repurchase

Agreement

0

.6

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,613,113,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,645,375.(d)

1,612,875

1,612,875

Total

Repurchase

Agreement

(cost

$1,612,875)

1,612,875

Total

Investments

(cost

$245,324,842)

—

100.9%

255,749,993

Liabilities

in

excess

of

other

assets

—

(0.9)%

(

2,325,122

)

NET

ASSETS

—

100.0%

$

253,424,871

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$1,591,590,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,612,875.

(c)

Represents

7-day

effective

yield

as

of

January

31,

2024.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,612,875.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Investor

Destinations

Moderately

Conservative

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

26,820,062

$

–

$

–

$

26,820,062

Investment

Companies

211,444,152

–

–

211,444,152

Repurchase

Agreement

–

1,612,875

–

1,612,875

Short-Term

Investment

15,872,904

–

–

15,872,904

Total

$

254,137,118

$

1,612,875

$

–

$

255,749,993

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

6

.5

%

Principal

Amount

($)

Value

($)

Airlines

0

.6

%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

734,244

663,744

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,018,250

1,027,049

1,690,793

Home

Equity

0

.1

%

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

6.70%,

1/25/2036(b)

177,589

174,538

Other

5

.8

%

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

6.64%,

4/20/2031(a)(b)

901,603

903,718

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

6.73%,

1/20/2035(a)(b)

750,000

750,068

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

AR,

6.75%,

10/25/2034(a)(b)

500,000

500,004

Ares

LXIII

CLO

Ltd.,

Series

2022-63A,

Class

A1A,

6.70%,

4/20/2035(a)(b)

1,000,000

1,000,177

Broad

River

Bsl

Funding

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.75%,

7/20/2034(a)(b)

1,000,000

1,000,090

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A1R,

6.73%,

10/17/2034(a)(b)

500,000

499,983

CVS

Pass-Through

Trust,

6.94%,

1/10/2030

1,085,812

1,117,460

Dryden

86

CLO

Ltd.,

Series

2020-86A,

Class

BR,

7.28%,

7/17/2034(a)(b)

850,000

851,206

FCI

Funding

LLC,

Series

2021-1A,

Class

A,

1.13%,

4/15/2033(a)

75,290

74,243

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

740,606

662,992

Goodgreen

Series

2019-2A,

Class

A,

2.76%,

4/15/2055(a)

882,524

759,990

Series

2022-1A,

Class

A,

3.84%,

10/15/2056(a)

547,419

489,482

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

85,265

78,560

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

91,799

86,115

Series

2015-1A,

Class

A,

3.84%,

9/21/2040(a)

396,098

371,551

Series

2015-3A,

Class

A,

4.28%,

9/20/2041(a)

366,159

349,506

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Invesco

CLO

Ltd.

Series

2021-1A,

Class

A1,

6.58%,

4/15/2034(a)(b)

400,000

398,414

Series

2021-2A,

Class

A,

6.70%,

7/15/2034(a)(b)

1,000,000

998,279

LCM

37

Ltd.,

Series

37A,

Class

A1,

6.79%,

4/15/2034(a)(b)

500,000

496,854

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

AR,

6.71%,

1/20/2035(a)(b)

1,000,000

1,002,682

Magnetite

XXXII

Ltd.,

Series

2022-32A,

Class

A,

6.66%,

4/15/2035(a)(b)

500,000

500,177

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.,

Series

2019-32A,

Class

AR,

6.56%,

1/20/2032(a)(b)

500,000

499,594

Reese

Park

CLO

Ltd.,

Series

2020-1A,

Class

AR,

6.71%,

10/15/2034(a)(b)

400,000

400,085

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

791,692

734,931

RR

1

LLC,

Series

2017-

1A,

Class

A1AB,

6.73%,

7/15/2035(a)(b)

1,000,000

1,001,285

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

A,

6.68%,

7/15/2034(a)(b)

1,000,000

1,000,068

16,527,514

Total

Asset-Backed

Securities

(cost

$18,940,077)

18,392,845

Collateralized

Mortgage

Obligations

2

.0

%

Alternative

Loan

Trust,

Series

2007-2CB,

Class

2A14,

5.75%,

3/25/2037

178,570

92,659

American

Home

Mortgage

Investment

Trust,

Series

2004-3,

Class

6A1,

5.32%,

10/25/2034(c)

2,174

2,102

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

278,936

264,472

AREIT

Trust,

Series

2022-

CRE6,

Class

A,

6.60%,

1/20/2037(a)(b)

536,445

530,802

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

2,395,381

2,182,302

CHL

Mortgage

Pass-Through

Trust,

Series

2005-15,

Class

A7,

5.50%,

8/25/2035

37,366

20,551

Citigroup

Mortgage

Loan

Trust,

Series

2015-

RP2,

Class

A1,

3.50%,

1/25/2053(a)(b)

127,184

121,373

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

121,747

117,293

MASTR

Alternative

Loan

Trust,

Series

2005-6,

Class

1A5,

5.50%,

12/25/2035

115,555

76,144

New

Residential

Mortgage

Loan

Trust,

Series

2019-

1A,

Class

A1,

3.87%,

9/25/2057(a)(b)

1

1

NYMT

Loan

Trust

Series

2022-CP1,

Class

A2,

3.01%,

7/25/2061(a)

688,000

581,121

Series

2022-CP1,

Class

M1,

3.21%,

7/25/2061(a)

688,000

564,054

Series

2022-CP1,

Class

M2,

3.51%,

7/25/2061(a)

465,000

369,927

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

24,916

22,760

Verus

Securitization

Trust

Series

2022-3,

Class

A2,

4.13%,

2/25/2067(a)(b)

364,381

337,889

Series

2022-3,

Class

A1,

4.13%,

2/25/2067(a)(c)

273,688

256,914

Visio

Trust,

Series

2019-

2,

Class

A2,

2.92%,

11/25/2054(a)(b)

162,406

154,458

Total

Collateralized

Mortgage

Obligations

(cost

$6,455,763)

5,694,822

Commercial

Mortgage-Backed

Securities

2

.7

%

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

700,000

665,899

BBCMS

Mortgage

Trust,

Series

2016-ETC,

Class

C,

3.39%,

8/14/2036(a)

6,300,000

5,390,277

BXP

Trust,

Series

2017-

GM,

Class

B,

3.54%,

6/13/2039(a)(b)

1,300,000

1,194,470

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

400,000

365,891

Total

Commercial

Mortgage-Backed

Securities

(cost

$8,943,129)

7,616,537

Corporate

Bonds

30

.9

%

Aerospace

&

Defense

1

.3

%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

1,225,000

1,092,221

3.25%,

2/1/2035

500,000

414,312

5.81%,

5/1/2050

100,000

100,145

Lockheed

Martin

Corp.

,

4.07%,

12/15/2042

150,000

133,778

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

RTX

Corp.

,

4.13%,

11/16/2028

1,900,000

1,852,005

5.15%,

2/27/2033

150,000

152,007

3,744,468

Automobile

Components

0

.2

%

Icahn

Enterprises

LP

,

4.75%,

9/15/2024

500,000

497,139

Automobiles

0

.3

%

Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

385,000

351,838

1.80%,

1/10/2028(a)

140,000

124,207

6.38%,

4/8/2030(a)

460,000

489,741

965,786

Banks

5

.1

%

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(d)

1,000,000

977,482

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)

990,000

944,591

(SOFR

+

1.84%),

5.87%,

9/15/2034(d)

400,000

418,859

Bank

of

Montreal

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(d)

1,250,000

1,014,258

BPCE

SA

,

4.63%,

7/11/2024(a)

500,000

496,009

4.50%,

3/15/2025(a)

1,100,000

1,082,659

(SOFR

+

1.73%),

3.12%,

10/19/2032(a)(d)

775,000

634,710

Citigroup,

Inc.

,

(SOFR

+

1.53%),

3.29%,

3/17/2026(d)

500,000

488,696

(SOFR

+

1.94%),

3.79%,

3/17/2033(d)

450,000

405,992

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(e)

1,150,000

893,802

Commonwealth

Bank

of

Australia

,

3.78%,

3/14/2032(a)

1,000,000

885,542

Fifth

Third

Bank

NA

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.85%,

10/27/2025(d)

450,000

450,579

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

1,000,000

1,014,028

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

2.08%,

4/22/2026(d)

500,000

480,825

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)

375,000

370,177

(SOFR

+

2.58%),

5.72%,

9/14/2033(d)(e)

425,000

437,984

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)

490,000

482,357

Truist

Financial

Corp.

,

(SOFR

+

1.85%),

5.12%,

1/26/2034(d)

750,000

730,130

US

Bancorp

,

(SOFR

+

1.88%),

6.79%,

10/26/2027(d)

450,000

469,456

Wells

Fargo

&

Co.

,

(CME

Term

SOFR

3

Month

+

1.09%),

2.41%,

10/30/2025(d)

170,000

166,054

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)

750,000

658,306

Westpac

Banking

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(d)

1,250,000

1,034,222

14,536,718

Beverages

0

.4

%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

630,000

612,287

Bacardi

Ltd.

,

5.90%,

6/15/2043(a)

150,000

152,127

5.30%,

5/15/2048(a)

160,000

152,694

PepsiCo,

Inc.

,

3.90%,

7/18/2032

175,000

168,186

1,085,294

Biotechnology

0

.8

%

Amgen,

Inc.

,

4.05%,

8/18/2029(e)

325,000

316,409

5.65%,

3/2/2053

435,000

448,187

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

1,600,000

1,549,773

2,314,369

Broadline

Retail

0

.3

%

Amazon.com,

Inc.

,

4.70%,

12/1/2032

825,000

839,932

Capital

Markets

2

.7

%

Brookfield

Finance,

Inc.

,

4.35%,

4/15/2030

600,000

577,124

FMR

LLC

,

4.95%,

2/1/2033(a)

925,000

889,282

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

100,000

98,108

(SOFR

+

0.82%),

1.54%,

9/10/2027(d)

150,000

136,840

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

600,000

588,310

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

1,555,000

1,534,821

S&P

Global,

Inc.

,

2.90%,

3/1/2032

1,000,000

880,882

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

4.13%,

9/24/2025(a)

1,000,000

980,952

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

5/12/2028(a)(d)

2,000,000

1,971,369

7,657,688

Chemicals

0

.2

%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

600,000

588,742

Commercial

Services

&

Supplies

0

.2

%

Stericycle,

Inc.

,

5.38%,

7/15/2024(a)

450,000

447,431

Consumer

Finance

0

.5

%

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

1,450,000

1,399,689

Consumer

Staples

Distribution

&

Retail

0

.6

%

CVS

Pass-Through

Trust

,

7.51%,

1/10/2032(a)

541,051

568,767

Walmart,

Inc.

,

4.15%,

9/9/2032

1,000,000

989,349

4.50%,

4/15/2053

200,000

189,925

1,748,041

Containers

&

Packaging

0

.2

%

Berry

Global,

Inc.

,

5.50%,

4/15/2028(a)

515,000

520,240

Diversified

REITs

0

.3

%

VICI

Properties

LP

,

4.63%,

6/15/2025(a)

250,000

246,304

WP

Carey,

Inc.

,

2.45%,

2/1/2032

635,000

518,790

765,094

Diversified

Telecommunication

Services

0

.5

%

AT&T,

Inc.

,

2.55%,

12/1/2033

174,000

141,162

3.65%,

6/1/2051

695,000

518,294

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

974,000

837,256

1,496,712

Electric

Utilities

5

.9

%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

2,000,000

1,955,787

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

750,000

755,767

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

225,000

214,998

Series

Z,

3.70%,

5/1/2050

390,000

290,221

DTE

Electric

Co.

,

5.20%,

4/1/2033

825,000

849,874

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

865,000

881,064

Entergy

Arkansas

LLC

,

4.00%,

6/1/2028

2,650,000

2,572,588

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033

500,000

534,429

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Evergy,

Inc.

,

2.90%,

9/15/2029

1,020,000

918,948

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

2,625,000

2,476,479

Georgia

Power

Co.

,

4.70%,

5/15/2032(e)

1,250,000

1,234,345

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028

250,000

242,397

Jersey

Central

Power

&

Light

Co.

,

2.75%,

3/1/2032(a)

170,000

143,284

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

325,000

335,807

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

1,000,000

974,195

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

160,000

161,349

NextEra

Energy

Operating

Partners

LP

,

4.25%,

7/15/2024(a)(e)

390,000

385,886

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

145,000

120,349

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

95,000

90,435

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

400,000

416,102

Southern

Co.

(The)

,

4.40%,

7/1/2046(e)

200,000

175,626

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

200,000

198,170

4.30%,

7/15/2029(a)

1,000,000

944,930

16,873,030

Entertainment

0

.4

%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031(e)

800,000

709,310

Warnermedia

Holdings,

Inc.

,

4.28%,

3/15/2032

500,000

457,805

1,167,115

Financial

Services

0

.1

%

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

242,590

Food

Products

1

.0

%

Cargill,

Inc.

,

5.13%,

10/11/2032(a)

1,000,000

1,016,881

4.38%,

4/22/2052(a)

115,000

102,746

J

M

Smucker

Co.

(The)

,

6.50%,

11/15/2043

750,000

835,940

JBS

USA

LUX

SA

,

3.63%,

1/15/2032

111,000

94,490

5.75%,

4/1/2033

839,000

830,659

2,880,716

Ground

Transportation

0

.7

%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

1,600,000

1,514,848

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

ERAC

USA

Finance

LLC

,

5.40%,

5/1/2053(a)

415,000

430,924

1,945,772

Health

Care

Equipment

&

Supplies

0

.4

%

GE

HealthCare

Technologies,

Inc.

,

5.86%,

3/15/2030

1,000,000

1,051,957

Health

Care

Providers

&

Services

0

.1

%

HCA,

Inc.

,

5.25%,

4/15/2025

250,000

249,726

Health

Care

REITs

0

.1

%

Welltower

OP

LLC

,

4.00%,

6/1/2025

175,000

172,136

Household

Durables

0

.2

%

Newell

Brands,

Inc.

,

4.88%,

6/1/2025

450,000

441,462

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)(e)

280,000

295,659

Calpine

Corp.

,

5.25%,

6/1/2026(a)

200,000

196,714

492,373

Industrial

Conglomerates

0

.1

%

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

322,000

314,853

Industrial

REITs

0

.3

%

LXP

Industrial

Trust

,

6.75%,

11/15/2028

900,000

940,370

Insurance

0

.5

%

Five

Corners

Funding

Trust

IV

,

6.00%,

2/15/2053(a)

575,000

621,758

New

York

Life

Global

Funding

,

4.55%,

1/28/2033(a)

750,000

729,458

1,351,216

IT

Services

0

.3

%

International

Business

Machines

Corp.

,

4.40%,

7/27/2032

850,000

829,860

Machinery

0

.1

%

Daimler

Truck

Finance

North

America

LLC

,

3.50%,

4/7/2025(a)

250,000

245,250

Media

0

.2

%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

400,000

348,734

Comcast

Corp.

,

2.94%,

11/1/2056

208,000

134,421

483,155

Multi-Utilities

0

.3

%

Black

Hills

Corp.

,

3.05%,

10/15/2029

675,000

605,462

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

275,000

269,063

874,525

Oil,

Gas

&

Consumable

Fuels

2

.1

%

Antero

Midstream

Partners

LP

,

7.88%,

5/15/2026(a)

150,000

153,482

Chesapeake

Energy

Corp.

,

5.50%,

2/1/2026(a)

150,000

149,213

Continental

Resources,

Inc.

,

4.38%,

1/15/2028(e)

215,000

208,627

5.75%,

1/15/2031(a)

350,000

348,355

2.88%,

4/1/2032(a)

161,000

131,375

Energy

Transfer

LP

,

5.75%,

4/1/2025

500,000

499,770

5.50%,

6/1/2027(e)

1,000,000

1,014,203

5.55%,

5/15/2034

500,000

502,862

6.50%,

2/1/2042

350,000

371,447

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

650,000

563,644

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

450,000

453,046

5.50%,

12/1/2025

250,000

250,914

6.60%,

3/15/2046

245,000

264,615

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028

80,000

78,948

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

1,092,245

1,069,795

6,060,296

Passenger

Airlines

0

.1

%

Air

Canada

,

3.88%,

8/15/2026(a)(e)

200,000

190,216

Pharmaceuticals

1

.2

%

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

1,900,000

1,943,153

Merck

&

Co.,

Inc.

,

6.55%,

9/15/2037

665,000

763,691

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.75%,

5/19/2033

825,000

823,977

3,530,821

Residential

REITs

0

.6

%

American

Homes

4

Rent

LP

,

3.63%,

4/15/2032

500,000

446,395

5.50%,

2/1/2034

233,000

235,392

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028

1,131,000

996,348

1,678,135

Retail

REITs

0

.2

%

Kite

Realty

Group

LP

,

5.50%,

3/1/2034

100,000

99,564

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030

549,000

528,890

628,454

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0

.4

%

Broadcom,

Inc.

,

3.42%,

4/15/2033(a)

400,000

351,270

Foundry

JV

Holdco

LLC

,

5.88%,

1/25/2034(a)

660,000

679,644

1,030,914

Software

0

.2

%

Microsoft

Corp.

,

2.92%,

3/17/2052

200,000

143,557

Oracle

Corp.

,

3.60%,

4/1/2040

700,000

559,807

703,364

Specialized

REITs

0

.1

%

American

Tower

Corp.

,

2.95%,

1/15/2025(e)

250,000

244,317

Specialty

Retail

0

.2

%

AutoZone,

Inc.

,

4.75%,

8/1/2032

635,000

624,013

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Apple,

Inc.

,

3.35%,

8/8/2032

1,650,000

1,535,265

Hewlett

Packard

Enterprise

Co.

,

5.90%,

10/1/2024

250,000

250,334

1,785,599

Tobacco

0

.6

%

BAT

Capital

Corp.

,

3.46%,

9/6/2029

1,010,000

927,189

6.42%,

8/2/2033

150,000

157,331

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

165,000

172,202

5.75%,

11/17/2032

200,000

209,328

5.38%,

2/15/2033

250,000

255,149

4.25%,

11/10/2044

150,000

129,292

1,850,491

Wireless

Telecommunication

Services

0

.1

%

T-Mobile

USA,

Inc.

,

3.30%,

2/15/2051

500,000

356,270

Total

Corporate

Bonds

(cost

$91,836,873)

87,846,339

Mortgage-Backed

Securities

27

.3

%

FHLMC

UMBS

Pool

Pool#

SB0861

2.50%,

2/1/2037

2,104,989

1,941,865

Pool#

SB8203

3.50%,

1/1/2038

1,376,741

1,323,045

Pool#

SB8260

5.00%,

10/1/2038

2,827,047

2,834,432

Pool#

SD8178

2.50%,

11/1/2051

4,906,165

4,138,698

Pool#

QE0799

2.50%,

4/1/2052

8,155,463

6,872,209

Pool#

SD2254

3.50%,

7/1/2052

949,050

866,248

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8255

3.50%,

10/1/2052

943,428

858,807

Pool#

SD8288

5.00%,

1/1/2053

3,811,702

3,765,432

Pool#

SD8302

6.50%,

2/1/2053

432,064

442,262

Pool#

SD8309

6.00%,

3/1/2053

460,164

466,525

Pool#

SD2921

4.50%,

5/1/2053

502,764

486,376

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

1,105,569

1,019,972

Pool#

FM1776

3.00%,

10/1/2034

341,160

324,529

Pool#

FS1360

3.00%,

4/1/2037

1,151,239

1,083,601

Pool#

BC0180

4.00%,

1/1/2046

656,024

631,254

Pool#

BC9003

3.00%,

11/1/2046

97,300

86,932

Pool#

AS8483

3.00%,

12/1/2046

76,451

68,044

Pool#

MA2863

3.00%,

1/1/2047

418,907

372,738

Pool#

BM2003

4.00%,

10/1/2047

403,416

387,724

Pool#

CA2208

4.50%,

8/1/2048

1,316,782

1,288,420

Pool#

CA2469

4.00%,

10/1/2048

95,213

90,821

Pool#

BN0906

4.00%,

11/1/2048

974,236

932,853

Pool#

CA3866

3.50%,

7/1/2049

1,763,135

1,623,244

Pool#

BP5783

3.00%,

5/1/2050

4,729,801

4,184,753

Pool#

MA4210

2.50%,

12/1/2050

913,738

774,123

Pool#

FS2041

2.00%,

8/1/2051

7,318,349

5,919,337

Pool#

MA4491

1.50%,

12/1/2051

1,367,957

1,050,761

Pool#

FS2122

3.00%,

3/1/2052

1,337,315

1,172,078

Pool#

MA4577

2.00%,

4/1/2052

9,679,028

7,807,238

Pool#

BU8944

3.00%,

4/1/2052

4,579,816

4,011,301

Pool#

MA4732

4.00%,

9/1/2052

6,985,943

6,576,134

Pool#

MA4733

4.50%,

9/1/2052

1,837,057

1,776,400

Pool#

MA4782

3.50%,

10/1/2052

4,737,471

4,313,448

Pool#

MA4805

4.50%,

11/1/2052

1,492,980

1,443,685

Pool#

MA4980

6.00%,

4/1/2053

686,830

696,737

Pool#

DA1019

6.50%,

9/1/2053

218,379

223,785

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8099

3.50%,

6/20/2052

1,670,290

1,540,262

Pool#

MA8429

5.50%,

11/20/2052

732,246

737,519

Pool#

MA8647

5.00%,

2/20/2053

478,618

475,800

Pool#

MA8726

5.50%,

3/20/2053

2,346,167

2,361,474

Pool#

MA8727

6.00%,

3/20/2053

659,902

670,151

Total

Mortgage-Backed

Securities

(cost

$84,467,935)

77,641,017

Municipal

Bonds

0

.5

%

California

0

.2

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

500,000

581,730

District

of

Columbia

0

.3

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB,

Series

D,

7.46%,

10/1/2046

600,000

753,335

Total

Municipal

Bonds

(cost

$1,309,272)

1,335,065

U.S.

Treasury

Obligations

27

.7

%

U.S.

Treasury

Bonds

2.00%,

11/15/2041

16,000,000

11,426,250

2.38%,

2/15/2042

6,000,000

4,540,312

3.25%,

5/15/2042

3,500,000

3,030,645

3.88%,

2/15/2043

1,000,000

941,367

2.25%,

8/15/2046

2,100,000

1,463,684

2.25%,

2/15/2052

9,500,000

6,376,504

2.88%,

5/15/2052

1,750,000

1,351,943

U.S.

Treasury

Notes

0.25%,

3/15/2024

900,000

894,602

4.25%,

9/30/2024

(e)

3,000,000

2,985,234

4.50%,

11/30/2024

1,000,000

996,680

1.00%,

12/15/2024

(e)

5,000,000

4,837,305

4.25%,

12/31/2024

3,300,000

3,283,758

4.13%,

1/31/2025

3,000,000

2,982,422

2.88%,

6/15/2025

1,000,000

978,945

3.00%,

7/15/2025

6,000,000

5,880,234

2.63%,

1/31/2026

(e)(f)

4,000,000

3,879,844

4.00%,

2/15/2026

3,000,000

2,987,578

2.25%,

2/15/2027

1,000,000

950,352

0.50%,

4/30/2027

2,000,000

1,790,234

2.38%,

5/15/2027

2,000,000

1,902,188

3.25%,

6/30/2027

2,000,000

1,955,312

4.13%,

9/30/2027

1,000,000

1,006,094

3.88%,

12/31/2027

900,000

898,242

3.50%,

1/31/2028

2,100,000

2,067,434

1.25%,

3/31/2028

1,000,000

898,672

3.63%,

5/31/2028

700,000

692,344

2.75%,

5/31/2029

2,000,000

1,890,156

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.25%,

6/30/2029

1,000,000

968,320

3.50%,

1/31/2030

2,100,000

2,053,488

3.75%,

5/31/2030

2,000,000

1,980,781

2.75%,

8/15/2032

1,000,000

913,555

Total

U.S.

Treasury

Obligations

(cost

$83,650,630)

78,804,479

Repurchase

Agreement

0

.7

%

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,911,596,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,949,827.

(g)

1,911,314

1,911,314

Total

Repurchase

Agreement

(cost

$1,911,314)

1,911,314

Total

Investments

(cost

$297,514,993)

—

98.3%

279,242,418

Other

assets

in

excess

of

liabilities

—

1.7%

4,957,067

NET

ASSETS

—

100.0%

$

284,199,485

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$60,085,283

which

represents

21.14%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$11,282,244,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,911,314

and

by

$9,659,714

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$11,571,028.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,911,314.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2024

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

41-V1

1.00

Quarterly

12/20/2028

0.56

USD

18,000,000

(241,437)

(128,399)

(369,836)

(241,437)

(128,399)

(369,836)

As

of

January

31,

2024,

the

Fund

had

$210,802

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

144

3/2024

USD

29,614,500

108,576

U.S.

Treasury

5

Year

Note

71

3/2024

USD

7,695,734

134,064

U.S.

Treasury

10

Year

Note

194

3/2024

USD

21,791,656

422,425

U.S.

Treasury

Ultra

Bond

38

3/2024

USD

4,910,313

119,979

Total

long

contracts

785,044

Short

Contracts

U.S.

Treasury

Long

Bond

(

64

)

3/2024

USD

(7,830,000)

(405,867)

Total

short

contracts

(405,867)

Net

contracts

379,177

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

18,392,845

$

–

$

18,392,845

Collateralized

Mortgage

Obligations

–

5,694,822

–

5,694,822

Commercial

Mortgage-Backed

Securities

–

7,616,537

–

7,616,537

Corporate

Bonds

–

87,846,339

–

87,846,339

Futures

Contracts

785,044

–

–

785,044

Mortgage-Backed

Securities

–

77,641,017

–

77,641,017

Municipal

Bonds

–

1,335,065

–

1,335,065

Repurchase

Agreement

–

1,911,314

–

1,911,314

U.S.

Treasury

Obligations

–

78,804,479

–

78,804,479

Total

Assets

$

785,044

$

279,242,418

$

–

$

280,027,462

Liabilities:

Credit

Default

Swaps†

$

–

$

(

128,399

)

$

–

$

(

128,399

)

Futures

Contracts

(

405,867

)

–

–

(

405,867

)

Total

Liabilities

$

(

405,867

)

$

(

128,399

)

$

–

$

(

534,266

)

Total

$

379,177

$

279,114,019

$

–

$

279,493,196

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Nationwide

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Fund

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

785,044

Total

$

785,044

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(

128,399

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(

405,867

)

Total

$

(

534,266

)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Asset-Backed

Securities

7.0%

Principal

Amount

($)

Value

($)

Airlines

0.1%

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

486,111

459,798

Automobiles

1.7%

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,088,000

1,081,865

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A,

2.33%,

8/20/2026(a)

795,000

764,203

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

447,544

451,821

Credit

Acceptance

Auto

Loan

Trust,

Series

2022-

3A,

Class

A,

6.57%,

10/15/2032(a)

565,000

570,705

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

B,

4.86%,

12/15/2026

1,058,000

1,054,074

Ford

Credit

Auto

Owner

Trust,

Series

2022-C,

Class

A4,

4.59%,

12/15/2027

1,367,000

1,361,915

Hyundai

Auto

Receivables

Trust,

Series

2022-B,

Class

A2A,

3.64%,

5/15/2025

341,527

340,756

Santander

Drive

Auto

Receivables

Trust

Series

2022-1,

Class

B,

2.36%,

8/17/2026

1,360,802

1,349,715

Series

2022-5,

Class

A3,

4.11%,

8/17/2026

288,094

286,776

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A2A,

5.89%,

3/22/2027(a)

553,741

555,071

Tesla

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

6.13%,

9/21/2026(a)

1,407,000

1,427,926

US

Bank

NA,

Series

2023-

1,

Class

B,

6.79%,

8/25/2032(a)

232,539

234,054

9,478,881

Credit

Card

0.6%

Capital

One

Multi-Asset

Execution

Trust,

Series

2005-B3,

Class

B3,

6.13%,

5/15/2028(b)

3,500,000

3,479,957

Equipment

Loans

&

Leases

0.3%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

187,808

187,473

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

390,000

393,382

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A3,

5.90%,

3/15/2027

1,340,000

1,358,706

1,939,561

Other

4.3%

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

6.62%,

4/21/2035(a)(b)

3,045,000

3,046,364

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

6.58%,

1/20/2031(a)(b)

7,046,897

7,047,546

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

7.09%,

4/15/2034(a)(b)

2,000,000

1,979,824

CF

Hippolyta

Issuer

LLC,

Series

2020-1,

Class

A1,

1.69%,

7/15/2060(a)

3,372,945

3,144,604

DataBank

Issuer,

Series

2021-2A,

Class

A2,

2.40%,

10/25/2051(a)

3,500,000

3,098,946

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2II,

2.49%,

11/20/2051(a)

3,479,000

3,063,219

Domino's

Pizza

Master

Issuer

LLC,

Series

2021-1A,

Class

A2I,

2.66%,

4/25/2051(a)

928,738

831,926

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

142,563

139,124

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

284,283

289,327

Marlette

Funding

Trust,

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

82,198

81,985

Textainer

Marine

Containers

VII

Ltd.,

Series

2021-

2A,

Class

A,

2.23%,

4/20/2046(a)

780,000

697,266

Tricon

American

Homes

Trust,

Series

2018-SFR1,

Class

C,

4.04%,

5/17/2037(a)

1,500,000

1,463,977

24,884,108

Total

Asset-Backed

Securities

(cost

$40,979,407)

40,242,305

Collateralized

Mortgage

Obligations

0.5%

BRAVO

Residential

Funding

Trust,

Series

2023-

NQM5,

Class

A2,

6.86%,

6/25/2063(a)(c)

521,901

527,265

COLT

Mortgage

Loan

Trust,

Series

2023-3,

Class

A2,

7.43%,

9/25/2068(a)(c)

805,551

821,479

FHLMC

REMICS,

Series

4026,

Class

WJ,

2.75%,

8/15/2041

291,127

279,365

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.69%,

11/20/2051(b)

770,659

794,100

Towd

Point

Mortgage

Trust,

Series

2023-1,

Class

A1,

3.75%,

1/25/2063(a)

536,416

509,313

Total

Collateralized

Mortgage

Obligations

(cost

$2,911,358)

2,931,522

Commercial

Mortgage-Backed

Securities

1.0%

GNMA

REMICS

Series

2018-17,

Class

MA,

2.60%,

5/16/2052

2,213,460

1,939,316

Series

2019-131,

Class

AD,

2.50%,

8/16/2060

4,737,446

4,039,748

Total

Commercial

Mortgage-Backed

Securities

(cost

$6,958,487)

5,979,064

Corporate

Bonds

50.5%

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

874,000

875,263

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)

1,156,000

1,156,628

2,031,891

Automobiles

2.4%

Ford

Motor

Co.

,

3.25%,

2/12/2032

7,550,000

6,250,060

General

Motors

Co.

,

6.80%,

10/1/2027

1,500,000

1,588,570

5.60%,

10/15/2032(d)

5,870,000

5,953,456

13,792,086

Banks

7.7%

Banco

Santander

SA

,

5.59%,

8/8/2028

1,800,000

1,831,973

Bank

of

America

Corp.

,

(SOFR

+

1.99%),

6.20%,

11/10/2028(e)

6,375,000

6,665,058

(SOFR

+

1.65%),

5.47%,

1/23/2035(e)

326,000

331,982

Citigroup,

Inc.

,

3.20%,

10/21/2026

2,000,000

1,913,224

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(e)

3,325,000

3,168,818

Citizens

Bank

NA

,

2.25%,

4/28/2025

250,000

240,235

(SOFR

+

1.45%),

6.06%,

10/24/2025(e)

910,000

907,215

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(e)

422,000

424,932

ING

Groep

NV

,

(SOFR

+

1.64%),

3.87%,

3/28/2026(e)

2,533,000

2,490,023

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

Series

HH,

(CME

Term

SOFR

3

Month

+

3.13%),

4.60%,

2/01/2025(e)(f)

572,000

557,260

(SOFR

+

0.49%),

0.77%,

8/9/2025(e)

3,000,000

2,922,895

(SOFR

+

1.19%),

5.04%,

1/23/2028(e)

874,000

877,738

(SOFR

+

1.07%),

1.95%,

2/4/2032(e)

8,045,000

6,566,943

Mizuho

Financial

Group,

Inc.

,

4.02%,

3/5/2028

5,715,000

5,544,820

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.09%),

4.76%,

1/26/2027(d)(e)

3,000,000

2,981,149

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(e)

849,000

882,494

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)(e)

417,000

431,562

Toronto-Dominion

Bank

(The)

,

5.53%,

7/17/2026

2,025,000

2,061,365

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(e)

462,000

498,944

(SOFR

+

2.36%),

5.87%,

6/8/2034(e)

241,000

246,852

US

Bancorp

,

(SOFR

+

2.26%),

5.84%,

6/12/2034(e)

498,000

513,935

Wells

Fargo

&

Co.

,

(SOFR

+

1.74%),

5.57%,

7/25/2029(e)

1,553,000

1,587,192

(SOFR

+

1.50%),

5.20%,

1/23/2030(e)

757,000

762,886

44,409,495

Biotechnology

2.0%

AbbVie,

Inc.

,

4.05%,

11/21/2039(d)

1,965,000

1,777,690

Amgen,

Inc.

,

3.00%,

2/22/2029

4,900,000

4,570,107

5.15%,

11/15/2041

3,875,000

3,787,536

5.38%,

5/15/2043

1,320,000

1,247,914

11,383,247

Broadline

Retail

0.2%

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)

1,015,000

962,474

6.13%,

3/15/2032(a)

500,000

471,800

1,434,274

Building

Products

1.7%

Carrier

Global

Corp.

,

2.72%,

2/15/2030

4,000,000

3,572,509

6.20%,

3/15/2054(a)

165,000

186,697

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Johnson

Controls

International

plc

,

1.75%,

9/15/2030

3,760,000

3,126,850

Smyrna

Ready

Mix

Concrete

LLC

,

6.00%,

11/1/2028(a)

1,756,000

1,716,401

8.88%,

11/15/2031(a)

1,174,000

1,233,359

9,835,816

Capital

Markets

3.6%

Charles

Schwab

Corp.

(The)

,

1.95%,

12/1/2031

5,830,000

4,683,753

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.51%),

4.39%,

6/15/2027(e)

3,250,000

3,211,814

(SOFR

+

1.09%),

1.99%,

1/27/2032(e)

4,040,000

3,287,996

Morgan

Stanley

,

7.25%,

4/1/2032

5,600,000

6,528,114

Nasdaq,

Inc.

,

5.35%,

6/28/2028

455,000

466,620

5.95%,

8/15/2053

119,000

127,094

State

Street

Corp.

,

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%),

6.70%,

3/15/2029(e)(f)

1,137,000

1,134,156

UBS

Group

AG

,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(e)

460,000

489,808

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.77%),

5.70%,

2/8/2035(a)(e)

820,000

832,378

20,761,733

Chemicals

1.3%

Axalta

Coating

Systems

Dutch

Holding

B

BV

,

7.25%,

2/15/2031(a)

150,000

156,240

Braskem

Netherlands

Finance

BV

,

4.50%,

1/31/2030(a)

1,685,000

1,333,220

5.88%,

1/31/2050(a)

224,000

157,871

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

2,586,000

2,648,956

LG

Chem

Ltd.

,

2.38%,

7/7/2031(a)

3,750,000

3,089,159

7,385,446

Commercial

Services

&

Supplies

0.6%

GFL

Environmental,

Inc.

,

6.75%,

1/15/2031(a)

350,000

357,973

ILFC

E-Capital

Trust

I

,

(CME

Term

SOFR

3

Month

+

1.81%,

14.50%

Cap),

7.19%,

12/21/2065(a)(e)

3,800,000

2,934,474

3,292,447

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

1.1%

Discover

Financial

Services

,

6.70%,

11/29/2032(d)

517,000

541,543

Ford

Motor

Credit

Co.

LLC

,

5.80%,

3/5/2027(d)

851,000

856,436

7.12%,

11/7/2033

404,000

432,954

General

Motors

Financial

Co.,

Inc.

,

2.40%,

10/15/2028(d)

1,000,000

889,466

Synchrony

Financial

,

2.88%,

10/28/2031

4,775,000

3,798,545

6,518,944

Consumer

Staples

Distribution

&

Retail

0.1%

US

Foods,

Inc.

,

7.25%,

1/15/2032(a)

849,000

889,327

Containers

&

Packaging

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)(d)

3,200,000

3,163,776

Sealed

Air

Corp.

,

6.13%,

2/1/2028(a)(d)

88,000

88,312

3,252,088

Diversified

REITs

0.8%

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

1,190,000

1,160,964

Vornado

Realty

LP

,

2.15%,

6/1/2026(d)

3,561,000

3,227,037

4,388,001

Diversified

Telecommunication

Services

2.6%

AT&T,

Inc.

,

3.55%,

9/15/2055

4,360,000

3,106,373

CCO

Holdings

LLC

,

4.50%,

5/1/2032(a)

1,500,000

1,251,390

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

12,970,000

10,648,327

15,006,090

Electric

Utilities

4.6%

Avangrid,

Inc.

,

3.20%,

4/15/2025

2,800,000

2,726,242

CenterPoint

Energy

Houston

Electric

LLC

,

5.30%,

4/1/2053

169,000

173,094

Commonwealth

Edison

Co.

,

3.70%,

8/15/2028

2,090,000

2,015,654

Duke

Energy

Carolinas

LLC

,

3.95%,

11/15/2028

3,795,000

3,721,606

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)

253,000

261,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.41%),

9.13%,

3/15/2033(a)(e)(f)

543,000

606,434

6.90%,

5/23/2053(a)

591,000

662,284

Enel

Finance

America

LLC

,

2.88%,

7/12/2041(a)

3,969,000

2,706,682

Enel

Finance

International

NV

,

5.00%,

6/15/2032(a)

3,200,000

3,131,381

Eversource

Energy

,

Series

R,

1.65%,

8/15/2030

3,200,000

2,593,392

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy,

5.13%,

5/15/2033

2,500,000

2,461,722

5.50%,

1/1/2034

402,000

406,607

Indiana

Michigan

Power

Co.

,

5.63%,

4/1/2053

122,000

125,999

New

England

Power

Co.

,

5.94%,

11/25/2052(a)

1,186,000

1,245,131

Niagara

Mohawk

Power

Corp.

,

5.66%,

1/17/2054(a)

297,000

299,960

Sociedad

de

Transmision

Austral

SA

,

4.00%,

1/27/2032(a)

3,750,000

3,315,000

26,452,188

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Holdings

LLC

,

3.14%,

11/7/2029

2,000,000

1,856,973

Entertainment

0.4%

Netflix,

Inc.

,

5.88%,

11/15/2028

628,000

660,405

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

1,442,000

1,414,400

2,074,805

Financial

Services

0.4%

Fiserv,

Inc.

,

5.60%,

3/2/2033

379,000

392,870

Global

Payments,

Inc.

,

5.40%,

8/15/2032(d)

582,000

587,444

Nationstar

Mortgage

Holdings,

Inc.

,

7.13%,

2/1/2032(a)

283,000

280,691

Synchrony

Bank

,

5.40%,

8/22/2025

997,000

989,357

2,250,362

Food

Products

0.6%

Bimbo

Bakeries

USA,

Inc.

,

6.40%,

1/15/2034(a)

1,233,000

1,347,996

5.38%,

1/9/2036(a)

200,000

201,672

J

M

Smucker

Co.

(The)

,

6.50%,

11/15/2053

331,000

373,988

NBM

US

Holdings,

Inc.

,

7.00%,

5/14/2026(a)

1,385,000

1,388,320

3,311,976

Ground

Transportation

0.8%

Triton

Container

International

Ltd.

,

3.15%,

6/15/2031(a)

590,000

473,995

Union

Pacific

Corp.

,

4.95%,

9/9/2052

4,000,000

3,991,569

4,465,564

Health

Care

Providers

&

Services

2.4%

AdaptHealth

LLC

,

5.13%,

3/1/2030(a)(d)

6,400,000

5,004,480

Elevance

Health,

Inc.

,

5.10%,

1/15/2044

4,000,000

3,875,612

HCA,

Inc.

,

4.50%,

2/15/2027

4,135,000

4,078,001

3.13%,

3/15/2027(d)

384,000

365,073

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Tenet

Healthcare

Corp.

,

4.88%,

1/1/2026

652,000

646,202

13,969,368

Health

Care

REITs

0.4%

Healthpeak

OP

LLC

,

3.40%,

2/1/2025

178,000

174,306

Ventas

Realty

LP

,

4.00%,

3/1/2028

2,300,000

2,210,496

2,384,802

Hotels,

Restaurants

&

Leisure

1.1%

Caesars

Entertainment,

Inc.

,

7.00%,

2/15/2030(a)

552,000

567,262

6.50%,

2/15/2032(a)

97,000

98,073

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

845,000

832,860

MGM

China

Holdings

Ltd.

,

4.75%,

2/1/2027(a)

600,000

560,181

Sands

China

Ltd.

,

3.10%,

3/8/2029(c)

200,000

172,793

4.62%,

6/18/2030(c)

1,574,000

1,436,350

Wynn

Macau

Ltd.

,

5.63%,

8/26/2028(a)

2,622,000

2,440,299

5.63%,

8/26/2028(a)

621,000

577,965

6,685,783

Independent

Power

and

Renewable

Electricity

Producers

0.8%

AES

Corp.

(The)

,

2.45%,

1/15/2031(d)

3,750,000

3,129,692

Constellation

Energy

Generation

LLC

,

5.80%,

3/1/2033

1,312,000

1,368,794

4,498,486

Industrial

REITs

0.1%

Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031

1,110,000

892,813

Machinery

0.3%

TK

Elevator

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

1,951,000

1,881,180

Media

1.0%

Comcast

Corp.

,

4.65%,

2/15/2033(d)

5,500,000

5,489,215

Directv

Financing

LLC

,

8.88%,

2/1/2030(a)

158,000

161,169

Univision

Communications,

Inc.

,

8.00%,

8/15/2028(a)

45,000

45,790

5,696,174

Multi-Utilities

0.4%

New

York

State

Electric

&

Gas

Corp.

,

5.85%,

8/15/2033(a)

1,268,000

1,326,061

NiSource,

Inc.

,

5.25%,

3/30/2028(d)

158,000

161,164

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Public

Service

Enterprise

Group,

Inc.

,

6.13%,

10/15/2033

575,000

614,589

2,101,814

Office

REITs

0.2%

Alexandria

Real

Estate

Equities,

Inc.

,

4.75%,

4/15/2035

378,000

363,977

Boston

Properties

LP

,

3.80%,

2/1/2024(d)

890,000

890,000

1,253,977

Oil,

Gas

&

Consumable

Fuels

6.7%

Aker

BP

ASA

,

2.00%,

7/15/2026(a)

3,027,000

2,802,981

Antero

Midstream

Partners

LP

,

6.63%,

2/1/2032(a)

531,000

527,750

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%,

6/22/2025(e)(f)

2,105,000

2,060,253

Cheniere

Energy

Partners

LP

,

5.95%,

6/30/2033(a)

284,000

290,027

CITGO

Petroleum

Corp.

,

7.00%,

6/15/2025(a)

1,359,000

1,358,807

8.38%,

1/15/2029(a)

86,000

89,351

Columbia

Pipelines

Holding

Co.

LLC

,

6.06%,

8/15/2026(a)

221,000

225,965

Columbia

Pipelines

Operating

Co.

LLC

,

6.54%,

11/15/2053(a)(d)

489,000

537,002

CVR

Energy,

Inc.

,

5.25%,

2/15/2025(a)(d)

895,000

893,881

DT

Midstream,

Inc.

,

4.30%,

4/15/2032(a)

1,392,000

1,249,459

Ecopetrol

SA

,

8.63%,

1/19/2029

711,000

751,567

Enbridge,

Inc.

,

5.70%,

3/8/2033(d)

1,129,000

1,164,722

6.70%,

11/15/2053(d)

701,000

809,992

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

487,000

470,759

7.38%,

2/1/2031(a)

114,000

119,830

5.55%,

5/15/2034

182,000

183,042

5.95%,

5/15/2054(d)

450,000

451,279

Enterprise

Products

Operating

LLC

,

4.80%,

2/1/2049

1,915,000

1,808,070

Global

Partners

LP

,

8.25%,

1/15/2032(a)

251,000

257,461

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

204,000

197,895

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Howard

Midstream

Energy

Partners

LLC

,

8.88%,

7/15/2028(a)

734,000

770,898

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030(d)

2,000,000

2,127,800

ONEOK

Partners

LP

,

6.85%,

10/15/2037

7,593,000

8,310,068

ONEOK,

Inc.

,

5.80%,

11/1/2030

389,000

404,323

6.10%,

11/15/2032

2,032,000

2,138,614

6.63%,

9/1/2053

1,731,000

1,906,259

Parkland

Corp.

,

4.50%,

10/1/2029(a)

2,000,000

1,839,215

Western

Midstream

Operating

LP

,

6.35%,

1/15/2029

405,000

423,370

6.15%,

4/1/2033

166,000

171,102

Williams

Cos.,

Inc.

(The)

,

2.60%,

3/15/2031

3,500,000

2,991,393

5.15%,

3/15/2034

1,455,000

1,458,709

38,791,844

Passenger

Airlines

0.1%

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

902,000

834,379

Retail

REITs

0.2%

Brixmor

Operating

Partnership

LP

,

3.85%,

2/1/2025(d)

496,000

486,808

Kite

Realty

Group

LP

,

4.00%,

10/1/2026

397,000

377,620

5.50%,

3/1/2034

137,000

136,402

1,000,830

Semiconductors

&

Semiconductor

Equipment

1.1%

Intel

Corp.

,

5.20%,

2/10/2033

190,000

195,588

5.70%,

2/10/2053

125,000

131,494

Micron

Technology,

Inc.

,

2.70%,

4/15/2032

3,750,000

3,147,466

NXP

BV

,

3.40%,

5/1/2030

3,500,000

3,199,042

6,673,590

Software

1.1%

Oracle

Corp.

,

3.60%,

4/1/2050

1,150,000

846,264

5.55%,

2/6/2053(d)

248,000

246,452

Salesforce,

Inc.

,

2.70%,

7/15/2041

3,565,000

2,671,418

VMware

LLC

,

2.20%,

8/15/2031

2,870,000

2,370,095

6,134,229

Specialized

REITs

0.8%

Equinix,

Inc.

,

3.90%,

4/15/2032

3,000,000

2,776,263

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

405,000

414,500

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Iron

Mountain,

Inc.

,

7.00%,

2/15/2029(a)

1,155,000

1,184,383

4,375,146

Specialty

Retail

0.4%

Lowe's

Cos.,

Inc.

,

2.80%,

9/15/2041

3,395,000

2,487,288

Technology

Hardware,

Storage

&

Peripherals

0.5%

Dell

International

LLC

,

3.45%,

12/15/2051

924,000

662,870

Lenovo

Group

Ltd.

,

6.54%,

7/27/2032(a)

2,328,000

2,485,020

3,147,890

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

7.85%,

11/27/2033

682,000

728,879

Tobacco

0.5%

BAT

Capital

Corp.

,

6.34%,

8/2/2030

623,000

655,972

7.08%,

8/2/2053

225,000

238,766

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029

281,000

293,265

2.10%,

5/1/2030

1,825,000

1,570,568

2,758,571

Transportation

Infrastructure

0.2%

Adani

Ports

&

Special

Economic

Zone

Ltd.

,

4.20%,

8/4/2027(a)

1,556,000

1,435,004

Wireless

Telecommunication

Services

0.0%

†

T-Mobile

USA,

Inc.

,

4.95%,

3/15/2028

258,000

260,100

Total

Corporate

Bonds

(cost

$304,279,356)

292,784,900

Foreign

Government

Securities

0.5%

CHILE

0.2%

Republic

of

Chile,

4.85%,

1/22/2029

1,241,000

1,251,085

COLOMBIA

0.2%

Republic

of

Colombia,

8.75%,

11/14/2053

1,040,000

1,133,479

HUNGARY

0.1%

Hungary

Government

Bond,

6.75%,

9/25/2052(a)

400,000

429,160

Total

Foreign

Government

Securities

(cost

$2,736,741)

2,813,724

Mortgage-Backed

Securities

27.2%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

4

4

Pool#

C91768

3.50%,

7/1/2034

1,756,305

1,686,836

Pool#

G30692

3.50%,

8/1/2034

2,224,428

2,141,110

Pool#

G30782

3.50%,

2/1/2035

625,597

599,894

Pool#

C91859

3.50%,

12/1/2035

602,625

578,181

Pool#

C91868

3.50%,

4/1/2036

1,499,509

1,434,371

Pool#

Q10392

3.50%,

8/1/2042

970,927

909,265

Pool#

G08541

3.50%,

8/1/2043

1,406,666

1,314,098

Pool#

G08554

3.50%,

10/1/2043

798,290

745,258

Pool#

G08588

4.00%,

5/1/2044

550,389

530,355

Pool#

G08721

3.00%,

9/1/2046

2,005,072

1,794,600

Pool#

G08726

3.00%,

10/1/2046

2,941,339

2,631,370

FHLMC

UMBS

Pool

Pool#

SB0548

2.00%,

7/1/2036

4,463,106

4,040,401

Pool#

RB5076

2.00%,

8/1/2040

6,991,201

6,011,566

Pool#

SD0040

3.00%,

7/1/2049

1,619,688

1,437,087

Pool#

SD8036

3.00%,

1/1/2050

1,165,403

1,030,525

Pool#

SD0612

2.50%,

11/1/2050

3,367,781

2,901,846

Pool#

QC0345

2.00%,

3/1/2051

1,333,315

1,097,815

Pool#

SD1607

2.50%,

3/1/2052

6,321,019

5,414,190

Pool#

RA7557

4.50%,

6/1/2052

4,353,700

4,208,542

Pool#

SD1716

5.00%,

9/1/2052

3,184,206

3,208,794

Pool#

SD1686

5.50%,

9/1/2052

2,662,184

2,716,832

Pool#

SD1853

5.50%,

11/1/2052

1,362,409

1,394,757

Pool#

RA9992

6.00%,

10/1/2053

7,013,200

7,203,442

FNMA

UMBS

Pool

Pool#

MA2124

3.00%,

12/1/2029

299,219

288,423

Pool#

AL6591

3.00%,

9/1/2033

1,752,427

1,655,791

Pool#

MA1608

3.50%,

10/1/2033

2,246,957

2,159,326

Pool#

MA1982

3.50%,

8/1/2034

2,375,145

2,277,583

Pool#

MA2610

3.00%,

5/1/2036

2,147,746

2,003,501

Pool#

MA3697

3.00%,

7/1/2039

1,463,448

1,343,019

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AE0311

3.50%,

8/1/2040

1,590,899

1,500,702

Pool#

AB1845

4.00%,

11/1/2040

1,644,610

1,582,592

Pool#

AJ9278

3.50%,

12/1/2041

1,764,859

1,652,465

Pool#

AW8165

4.00%,

1/1/2042

1,291,329

1,242,613

Pool#

AL2866

3.50%,

11/1/2042

1,360,250

1,262,930

Pool#

AU2592

3.50%,

8/1/2043

1,241,659

1,159,857

Pool#

AX4312

3.50%,

2/1/2045

704,095

653,080

Pool#

AZ7353

3.50%,

11/1/2045

1,100,627

1,019,518

Pool#

AS6408

3.50%,

1/1/2046

1,652,559

1,530,767

Pool#

AS8583

3.50%,

1/1/2047

2,959,905

2,741,740

Pool#

MA3088

4.00%,

8/1/2047

654,069

628,425

Pool#

CA1191

3.50%,

11/1/2047

1,723,018

1,595,097

Pool#

MA3305

3.50%,

3/1/2048

1,397,511

1,294,486

Pool#

MA3744

3.00%,

8/1/2049

1,453,223

1,288,991

Pool#

FS2253

3.50%,

4/1/2050

1,733,657

1,601,521

Pool#

CA7972

3.00%,

9/1/2050

6,570,287

5,787,013

Pool#

FM7398

2.50%,

6/1/2051

4,446,054

3,820,596

Pool#

FM9134

3.00%,

6/1/2051

4,416,352

3,982,268

Pool#

FP0012

3.00%,

8/1/2051

1,184,391

1,054,014

Pool#

MA4439

3.00%,

10/1/2051

6,915,818

6,061,278

Pool#

CB2371

2.50%,

12/1/2051

5,552,835

4,734,593

Pool#

FS2838

2.50%,

4/1/2052

1,105,095

947,584

Pool#

FS3537

2.50%,

4/1/2052

1,029,073

884,409

Pool#

CB3678

4.00%,

5/1/2052

2,979,265

2,805,837

Pool#

FS1855

4.00%,

5/1/2052

2,591,081

2,459,167

Pool#

MA4625

3.50%,

6/1/2052

2,994,297

2,726,539

Pool#

CB3851

4.00%,

6/1/2052

1,868,779

1,787,473

Pool#

MA4684

4.50%,

6/1/2052

5,527,626

5,345,119

Pool#

FS2513

4.00%,

7/1/2052

5,694,785

5,383,527

Pool#

FS2323

4.00%,

7/1/2052

2,045,555

1,933,747

Pool#

FS2293

4.50%,

7/1/2052

5,638,915

5,487,268

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS2257

4.50%,

7/1/2052

1,487,740

1,447,730

Pool#

CB4037

5.00%,

7/1/2052

2,836,703

2,801,732

Pool#

BV7937

4.00%,

8/1/2052

2,902,110

2,732,627

Pool#

FS2790

5.00%,

9/1/2052

4,150,853

4,126,360

Pool#

FS3210

5.00%,

9/1/2052

1,906,199

1,891,536

Pool#

FS3220

5.50%,

11/1/2052

2,682,990

2,692,826

GNMA

Pool#

BT6867

,

3.00%,

5/20/2050

1,077,500

966,197

Total

Mortgage-Backed

Securities

(cost

$167,184,287)

157,373,006

Municipal

Bonds

0.6%

Michigan

0.2

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

1,145,000

985,903

Virginia

0.4

%

City

of

Richmond

VA

Public

Utility

Revenue,

RB,

Series

B,

2.50%,

1/15/2029

2,450,000

2,239,575

Total

Municipal

Bonds

(cost

$3,703,894)

3,225,478

U.S.

Treasury

Obligations

11.0%

U.S.

Treasury

Bonds

1.88%,

2/15/2041

26,913,200

19,052,653

4.75%,

11/15/2043

2,151,000

2,277,035

1.25%,

5/15/2050

364,000

189,493

1.38%,

8/15/2050

422,800

227,486

2.00%,

8/15/2051

17,333,400

10,951,188

4.13%,

8/15/2053

336,000

330,383

U.S.

Treasury

Notes

(US

Treasury

3

Month

Bill

Money

Market

Yield

-

0.08%),

5.22%,

4/30/2024

(e)

1,000,000

999,628

4.25%,

5/31/2025

(d)

11,516,100

11,476,514

4.88%,

11/30/2025

4,321,000

4,365,898

4.00%,

2/29/2028

4,440,000

4,452,661

4.00%,

1/31/2029

275,000

276,654

4.50%,

11/15/2033

8,778,700

9,166,883

Total

U.S.

Treasury

Obligations

(cost

$73,843,625)

63,766,476

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

Preferred

Stocks

0.6%

Shares

Value

($)

Consumer

Finance

0.4%

Capital

One

Financial

Corp.,

4.80%,

6/1/2025(g)

128,250

2,486,767

Financial

Services

0.0%

†

FHLMC,

+

0.00%,

7.88%

Floor),

8.38%,

12/31/2027*(e)(g)

35,000

130,900

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Two

Harbors

Investment

Corp.,

(ICE

LIBOR

USD

3

Month

+

5.35%),

7.63%,

7/27/2027(e)(g)

50,000

1,087,500

Total

Preferred

Stocks

(cost

$5,403,070)

3,705,167

Repurchase

Agreements

2.6%

Principal

Amount

($)

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,750,225,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$4,845,229.

(h)

4,749,524

4,749,524

Nomura

Securities

International,

Inc.

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,000,441,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

5/31/2025

-

2/15/2050;

total

market

value

$3,060,001.

(h)

3,000,000

3,000,000

Santander

US

Capital

Markets

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,482,071,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$4,571,712.

(h)

4,481,411

4,481,411

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Societe

Generale

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,000,440,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$3,060,000.

(h)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$15,230,935)

15,230,935

Total

Investments

(cost

$623,231,160)

—

101.5%

588,052,577

Liabilities

in

excess

of

other

assets

—

(1.5)%

(8,447,162)

NET

ASSETS

—

100.0%

$

579,605,415

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$99,070,525

which

represents

17.09%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$20,374,727,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,230,935

and

by

$6,727,357

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$21,958,292.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2024.

The

maturity

date

reflects

the

next

call

date.

(g)

The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

January

31,

2024.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$15,230,935.

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

199

3/2024

USD

40,925,594

371,248

U.S.

Treasury

5

Year

Note

290

3/2024

USD

31,433,281

467,289

U.S.

Treasury

Long

Bond

2

3/2024

USD

244,688

14,684

U.S.

Treasury

Ultra

Bond

159

3/2024

USD

20,545,781

1,129,195

Total

long

contracts

1,982,416

Short

Contracts

U.S.

Treasury

10

Year

Note

(295)

3/2024

USD

(33,136,797)

(650,540)

U.S.

Treasury

10

Year

Ultra

Note

(149)

3/2024

USD

(17,414,375)

(296,262)

Total

short

contracts

(946,802)

Net

contracts

1,035,614

As

of

January

31,

2024,

the

Fund

had

$962,831

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

40,242,305

$

–

$

40,242,305

Collateralized

Mortgage

Obligations

–

2,931,522

–

2,931,522

Commercial

Mortgage-Backed

Securities

–

5,979,064

–

5,979,064

Corporate

Bonds

–

292,784,900

–

292,784,900

Foreign

Government

Securities

–

2,813,724

–

2,813,724

Futures

Contracts

1,982,416

–

–

1,982,416

Mortgage-Backed

Securities

–

157,373,006

–

157,373,006

Municipal

Bonds

–

3,225,478

–

3,225,478

Preferred

Stocks

3,705,167

–

–

3,705,167

Repurchase

Agreements

–

15,230,935

–

15,230,935

U.S.

Treasury

Obligations

–

63,766,476

–

63,766,476

Total

Assets

$

5,687,583

$

584,347,410

$

–

$

590,034,993

Liabilities:

Futures

Contracts

$

(946,802)

$

–

$

–

$

(946,802)

Total

Liabilities

$

(946,802)

$

–

$

–

$

(946,802)

Total

$

4,740,781

$

584,347,410

$

–

$

589,088,191

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,982,416

Total

$

1,982,416

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(946,802)

Total

$

(946,802)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Asset-Backed

Securities

3.6%

Principal

Amount

($)

Value

($)

Automobiles

1.4%

Carvana

Auto

Receivables

Trust,

Series

2023-

P3,

Class

A2,

6.09%,

11/10/2026(a)

465,118

466,039

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

932,384

941,293

Westlake

Automobile

Receivables

Trust,

Series

2023-4A,

Class

A2,

6.23%,

1/15/2027(a)

1,000,000

1,005,608

2,412,940

Equipment

Loans

&

Leases

1.1%

CCG

Receivables

Trust,

Series

2023-2,

Class

A2,

6.28%,

4/14/2032(a)

1,000,000

1,016,856

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

500,000

509,108

M&T

Equipment

Notes,

Series

2023-1A,

Class

A2,

6.09%,

7/15/2030(a)

500,000

501,184

2,027,148

Other

1.1%

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

385,506

344,705

Reach

Abs

Trust,

Series

2024-1A,

Class

A,

6.30%,

2/18/2031(a)

300,000

300,595

Reach

ABS

Trust,

Series

2023-1A,

Class

A,

7.05%,

2/18/2031(a)

115,912

116,256

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

1,290,000

1,198,121

1,959,677

Total

Asset-Backed

Securities

(cost

$6,488,353)

6,399,765

Collateralized

Mortgage

Obligations

0.8%

FHLMC

REMICS

Series

1684,

Class

I,

6.50%,

3/15/2024

424

422

Series

2296,

Class

H,

6.50%,

3/15/2031

10

10

FNMA

REMICS,

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

762,826

708,991

GCAT

2022-CM1

Trust,

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(b)

806,738

727,729

Total

Collateralized

Mortgage

Obligations

(cost

$1,578,860)

1,437,152

Commercial

Mortgage-Backed

Security

0.0%

†

Principal

Amount

($)

Value

($)

FNMA

REMICS,

Series

1998-73,

Class

MZ,

6.30%,

10/17/2038

58,684

54,048

Total

Commercial

Mortgage-Backed

Security

(cost

$58,891)

54,048

Mortgage-Backed

Securities

0.9%

FNMA

Pool

Pool#

874982

6.81%,

11/1/2025

1,272,464

1,267,063

Pool#

773298

4.63%,

4/1/2035(b)

218,406

216,938

Pool#

745769

5.51%,

7/1/2036(b)

76,764

76,460

Total

Mortgage-Backed

Securities

(cost

$1,581,437)

1,560,461

U.S.

Government

Agency

Securities

4.0%

FFCB,

3.25%,

7/28/2032

5,000,000

4,651,382

FHLB,

5.37%,

9/9/2024

2,615,000

2,620,880

Total

U.S.

Government

Agency

Securities

(cost

$7,697,674)

7,272,262

U.S.

Treasury

Obligations

89.3%

U.S.

Treasury

Inflation

Linked

Bonds

1.75%,

1/15/2028

(c)

4,800,000

7,028,664

3.63%,

4/15/2028

(c)

5,000,000

10,196,221

2.50%,

1/15/2029

(c)

2,500,000

3,715,198

3.88%,

4/15/2029

(c)(d)

3,300,000

6,820,651

0.63%,

2/15/2043

(c)

6,850,000

7,168,203

1.38%,

2/15/2044

(c)

7,500,000

8,852,205

0.75%,

2/15/2045

(c)

3,000,000

3,063,319

1.00%,

2/15/2046

(c)

2,125,000

2,252,585

0.88%,

2/15/2047

(c)

5,000,000

5,004,856

1.00%,

2/15/2048

(c)

1,500,000

1,501,293

1.00%,

2/15/2049

(c)

1,250,000

1,221,829

0.25%,

2/15/2050

(c)

2,000,000

1,543,863

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2025

(c)

4,000,000

4,611,344

0.63%,

1/15/2026

(c)

3,500,000

4,392,543

0.13%,

7/15/2026

(c)(d)

3,000,000

3,687,692

0.38%,

7/15/2027

(c)

10,250,000

12,299,264

1.63%,

10/15/2027

(c)

10,000,000

10,340,466

0.50%,

1/15/2028

(c)

10,500,000

12,441,147

0.88%,

1/15/2029

(c)

2,500,000

2,924,410

0.25%,

7/15/2029

(c)

4,000,000

4,469,264

0.13%,

1/15/2030

(c)

11,250,000

12,271,759

0.13%,

7/15/2030

(c)

5,000,000

5,456,363

0.13%,

1/15/2031

(c)

10,750,000

11,424,666

0.13%,

7/15/2031

(c)

8,000,000

8,214,573

0.63%,

7/15/2032

(c)

6,000,000

5,828,335

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

g

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Inflation

Linked

Notes

1.38%,

7/15/2033

(c)

4,000,000

3,939,780

Total

U.S.

Treasury

Obligations

(cost

$169,868,375)

160,670,493

Total

Investments

(cost

$187,273,590)

—

98.6%

177,394,181

Other

assets

in

excess

of

liabilities

—

1.4%

2,546,230

NET

ASSETS

—

100.0%

$

179,940,411

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$7,127,494

which

represents

3.96%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

Principal

amounts

are

not

adjusted

for

inflation.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$5,754,556,

which

was

collateralized

by

$5,878,820

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

7/31/2024

–

8/15/2053.

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

20

3/2024

USD

2,167,813

733

Total

long

contracts

733

Short

Contracts

U.S.

Treasury

Long

Bond

(30)

3/2024

USD

(3,670,313)

(99,447)

Total

short

contracts

(99,447)

Net

contracts

(98,714)

As

of

January

31,

2024,

the

Fund

had

$118,580

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Inflation-Protected

Securities

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

6,399,765

$

–

$

6,399,765

Collateralized

Mortgage

Obligations

–

1,437,152

–

1,437,152

Commercial

Mortgage-Backed

Security

–

54,048

–

54,048

Futures

Contracts

733

–

–

733

Mortgage-Backed

Securities

–

1,560,461

–

1,560,461

U.S.

Government

Agency

Securities

–

7,272,262

–

7,272,262

U.S.

Treasury

Obligations

–

160,670,493

–

160,670,493

Total

Assets

$

733

$

177,394,181

$

–

$

177,394,914

Liabilities:

Futures

Contracts

$

(99,447)

$

–

$

–

$

(99,447)

Total

Liabilities

$

(99,447)

$

–

$

–

$

(99,447)

Total

$

(98,714)

$

177,394,181

$

–

$

177,295,467

Nationwide

Inflation-Protected

Securities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

733

Total

$

733

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(99,447)

Total

$

(99,447)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Asset-Backed

Securities

8.9%

Principal

Amount

($)

Value

($)

Automobiles

7.1%

American

Credit

Acceptance

Receivables

Trust

Series

2023-4,

Class

B,

6.63%,

2/14/2028(a)

290,000

294,551

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

130,000

131,667

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

500,000

506,204

Americredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

5.57%,

3/20/2028

735,000

744,801

AmeriCredit

Automobile

Receivables

Trust

Series

2021-2,

Class

B,

0.69%,

1/19/2027

655,000

635,336

Series

2021-3,

Class

C,

1.41%,

8/18/2027

830,000

772,574

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

520,000

515,557

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

1,625,000

1,639,303

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

700,000

708,734

Bridgecrest

Lending

Auto

Securitization

Trust,

Series

2023-1,

Class

A3,

6.51%,

11/15/2027

1,000,000

1,011,079

Carmax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

895,000

897,311

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

215,000

217,034

Carvana

Auto

Receivables

Trust

Series

2023-N1,

Class

A,

6.36%,

4/12/2027(a)

403,140

404,216

Series

2023-P1,

Class

A3,

5.98%,

12/10/2027(a)

1,425,000

1,434,836

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

111,627

105,567

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

618,162

619,893

Citizens

Auto

Receivables

Trust,

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

235,000

235,978

Credit

Acceptance

Auto

Loan

Trust

Series

2020-3A,

Class

B,

1.77%,

12/17/2029(a)

128,185

127,948

Series

2021-2A,

Class

A,

0.96%,

2/15/2030(a)

27,902

27,843

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

1,360,000

1,373,732

Series

2023-1A,

Class

A,

6.48%,

3/15/2033(a)

550,000

558,595

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

100,000

102,332

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

160,323

158,584

DT

Auto

Owner

Trust

Series

2021-4A,

Class

C,

1.50%,

9/15/2027(a)

690,000

668,055

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

1,015,000

1,022,477

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

590,000

587,476

Enterprise

Fleet

Financing

LLC

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

213,055

211,193

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

565,000

566,798

Series

2024-1,

Class

A3,

5.16%,

9/20/2030(a)

240,000

240,944

Exeter

Automobile

Receivables

Trust

Series

2022-5A,

Class

B,

5.97%,

3/15/2027

1,115,000

1,114,504

Series

2023-1A,

Class

B,

5.72%,

4/15/2027

590,000

589,757

Series

2023-2A,

Class

B,

5.61%,

9/15/2027

495,000

494,500

Flagship

Credit

Auto

Trust

Series

2020-4,

Class

C,

1.28%,

2/16/2027(a)

78,692

77,279

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

329,454

325,613

Series

2022-4,

Class

A3,

6.32%,

6/15/2027(a)

785,000

792,714

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

650,000

652,565

Ford

Credit

Auto

Owner

Trust

Series

2018-1,

Class

A,

3.19%,

7/15/2031(a)

1,900,000

1,865,079

Series

2021-1,

Class

A,

1.37%,

10/17/2033(a)

980,000

910,492

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

458,307

451,088

Series

2022-2,

Class

A3,

4.59%,

6/15/2027(a)

525,000

520,022

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

450,000

453,569

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

738,664

733,142

GM

Financial

Automobile

Leasing

Trust,

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

360,000

360,076

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

845,000

861,483

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

LAD

Auto

Receivables

Trust,

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

260,000

265,852

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/2028(a)

295,000

298,270

Prestige

Auto

Receivables

Trust

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

680,000

645,966

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

495,000

493,758

Santander

Drive

Auto

Receivables

Trust

Series

2022-4,

Class

B,

4.42%,

11/15/2027

850,000

838,403

Series

2023-4,

Class

B,

5.77%,

12/15/2028

435,000

441,189

Series

2023-5,

Class

B,

6.16%,

12/17/2029

670,000

688,577

Series

2023-1,

Class

C,

5.09%,

5/15/2030

185,000

183,850

Series

2023-3,

Class

C,

5.77%,

11/15/2030

210,000

213,471

SBNA

Auto

Lease

Trust,

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

350,000

350,795

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

555,000

561,561

United

Auto

Credit

Securitization

Trust,

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

490,000

487,674

Westlake

Automobile

Receivables

Trust,

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

820,000

825,865

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

1,025,000

1,027,933

World

Omni

Automobile

Lease

Securitization

Trust,

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

490,000

490,059

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

595,000

569,544

35,105,268

Equipment

Loans

&

Leases

0.7%

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

235,000

237,038

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

835,000

850,210

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

835,000

837,628

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

385,000

388,049

SCF

Equipment

Leasing

LLC

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

527,918

518,212

Series

2023-1A,

Class

A2,

6.56%,

1/22/2030(a)

455,000

458,491

3,289,628

Other

1.0%

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

428,695

384,571

BHG

Securitization

Trust,

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

91,238

90,737

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

8/20/2053(a)

810,000

815,506

Hilton

Grand

Vacations

Trust,

Series

2022-2A,

Class

C,

5.57%,

1/25/2037(a)

67,247

65,693

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

1,355,000

1,192,020

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

1,425,000

1,388,699

Planet

Fitness

Master

Issuer

LLC,

Series

2018-1A,

Class

A2II,

4.67%,

9/5/2048(a)

881,175

860,604

4,797,830

Student

Loan

0.1%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

209,862

195,821

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

166,793

153,166

Series

2020-BA,

Class

A2,

2.12%,

1/15/2069(a)

222,048

205,403

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

79,957

72,303

SoFi

Professional

Loan

Program

LLC,

Series

2018-A,

Class

A2B,

2.95%,

2/25/2042(a)

94,345

92,040

718,733

Total

Asset-Backed

Securities

(cost

$44,272,633)

43,911,459

34

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Collateralized

Mortgage

Obligations

5.4%

Principal

Amount

($)

Value

($)

FHLMC

REMICS

Series

5065,

Class

HI,

IO,

4.86%,

4/15/2042(b)

1,694,667

281,636

Series

5115,

Class

FD,

4.00%,

8/15/2043(b)

1,888,595

1,783,454

Series

5065,

Class

EI,

IO,

5.40%,

11/25/2044(b)

372,819

75,275

Series

5094,

Class

,

IO,

1.49%,

12/15/2048(b)

845,262

61,296

Series

5214,

Class

BI,

IO,

0.89%,

4/25/2052(b)

112,709

4,365

Series

5214,

Class

BY,

3.00%,

4/25/2052

45,000

36,394

FNMA

REMICS

Series

2004-29,

Class

PS,

IO,

2.14%,

5/25/2034(b)

956,135

109,364

Series

2016-32,

Class

SA,

IO,

0.64%,

10/25/2034(b)

4,346,775

346,854

Series

2020-85,

Class

LI,

IO,

3.00%,

2/25/2035

2,849,659

338,821

Series

2010-57,

Class

SA,

IO,

0.99%,

6/25/2040(b)

1,301,963

124,017

Series

2010-63,

Class

SA,

IO,

1.04%,

6/25/2040(b)

1,124,341

103,465

Series

2010-118,

Class

SN,

IO,

1.14%,

10/25/2040(b)

5,737,461

739,940

Series

2013-18,

Class

FB,

5.81%,

10/25/2041(b)

29,738

29,713

Series

2013-117,

Class

Z,

3.50%,

11/25/2043

5,780,272

5,275,592

Series

2015-55,

Class

IN,

IO,

4.50%,

8/25/2045

278,442

40,567

Series

2017-26,

Class

ID,

IO,

3.50%,

4/25/2047

213,605

30,476

Series

2021-24,

Class

,

IO,

1.13%,

3/25/2059(b)

3,664,346

228,519

GNMA

REMICS

Series

2009-61,

Class

ZQ,

6.00%,

8/16/2039

3,899,737

4,154,803

Series

2020-34,

Class

,

IO,

5.00%,

12/20/2039

2,003,751

386,724

Series

2019-21,

Class

,

IO,

4.50%,

2/20/2049

3,660,170

555,371

Series

2019-117,

Class

LI,

IO,

3.50%,

9/20/2049

444,622

30,228

Series

2019-132,

Class

LI,

IO,

3.50%,

10/20/2049

150,339

14,787

Series

2012-H20,

Class

PT,

6.23%,

7/20/2062(b)

202,470

201,785

Series

2018-H02,

Class

ZJ,

4.41%,

10/20/2064(b)

586,127

575,897

Series

2017-H12,

Class

EZ,

5.38%,

6/20/2066(b)

165,922

165,402

Series

2017-H13,

Class

JZ,

5.07%,

5/20/2067(b)

120,637

121,330

Series

2017-H22,

Class

FD,

5.66%,

11/20/2067(b)

18,324

18,058

Series

2017-H25,

Class

FD,

5.61%,

12/20/2067(b)

37,340

36,667

Series

2021-H08,

Class

IA,

IO,

0.01%,

1/20/2068(b)

548,985

4,212

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-H01,

Class

FT,

5.86%,

10/20/2068(b)

1,677,764

1,672,893

Series

2019-H07,

Class

BZ,

4.26%,

1/20/2069(b)

4,539,647

4,296,896

Series

2019-H05,

Class

FT,

5.59%,

4/20/2069(b)

1,039,447

1,038,914

Series

2019-H13,

Class

FT,

5.61%,

8/20/2069(b)

133,348

133,149

Series

2019-H18,

Class

DF,

5.86%,

10/20/2069(b)

273,396

270,153

Series

2021-H03,

Class

,

IO,

0.00%,

4/20/2070(b)

4,455,180

28,419

Series

2022-H09,

Class

GF,

6.05%,

4/20/2072(b)

2,269,675

2,239,400

Series

2022-H22,

Class

FE,

6.39%,

9/20/2072(b)

824,213

823,493

Total

Collateralized

Mortgage

Obligations

(cost

$27,134,288)

26,378,329

Commercial

Mortgage-Backed

Securities

5.9%

BANK

Series

2020-BN25,

Class

A5,

2.65%,

1/15/2063

1,030,000

905,802

Series

2020-BN26,

Class

A4,

2.40%,

3/15/2063

2,050,000

1,774,844

Series

2022-BNK40,

Class

A4,

3.51%,

3/15/2064(b)

790,000

715,744

Series

2021-BN37,

Class

A5,

2.62%,

11/15/2064(b)

1,480,000

1,257,419

BANK5,

Series

2023-

5YR4,

Class

A3,

6.50%,

12/15/2056

270,000

287,407

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

7.59%,

10/15/2037(a)(b)

1,095,000

1,089,525

Series

2021-C12,

Class

A5,

2.69%,

11/15/2054

1,470,000

1,258,086

Benchmark

Mortgage

Trust,

Series

2021-B31,

Class

A5,

2.67%,

12/15/2054

1,190,000

1,014,624

BPR

Trust

Series

2022-OANA,

Class

A,

7.23%,

4/15/2037(a)(b)

605,000

604,240

Series

2021-NRD,

Class

A,

6.86%,

12/15/2038(a)(b)

815,000

766,036

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

910,000

821,429

Commercial

Mortgage

Pass-

Through

Certificates,

Series

2012-LTRT,

Class

A2,

3.40%,

10/5/2030(a)

82,151

7

4,700

CSAIL

Commercial

Mortgage

Trust,

Series

2019-

C18,

Class

A4,

2.97%,

12/15/2052

765,000

676,932

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

334,917

300,818

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

1,030,000

932,330

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

390,000

404,908

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K107,

Class

X1,

IO,

1.71%,

1/25/2030(b)

481,489

36,887

Series

K142,

Class

X1,

IO,

0.40%,

3/25/2032(b)

5,765,723

118,844

Series

K147,

Class

X1,

IO,

0.49%,

6/25/2032(b)

3,867,896

103,820

Series

K149,

Class

X1,

IO,

0.40%,

8/25/2032(b)

6,246,315

133,236

Series

K-150,

Class

X1,

IO,

0.45%,

9/25/2032(b)

5,428,288

133,097

Series

K157,

Class

X1,

IO,

0.16%,

8/25/2033(b)

9,015,015

38,328

Series

K-1513,

Class

X1,

IO,

0.99%,

8/25/2034(b)

962,941

56,180

Series

K-1521,

Class

X1,

IO,

1.09%,

8/25/2036(b)

2,795,64

8

225,838

Series

K146,

Class

X1,

IO,

0.35%,

6/25/2054(b)

5,007,785

90,884

Series

K143,

Class

X1,

IO,

0.45%,

4/25/2055(b)

2,601,199

62,837

Series

K145,

Class

X1,

IO,

0.43%,

6/25/2055(b)

1,477,032

34,133

FNMA

ACES

REMICS

Series

2020-M33,

Class

X,

IO,

1.90%,

6/25/2028(b)

688,630

32,737

Series

2020-M37,

Class

X,

IO,

1.12%,

4/25/2032(b)

1,198,781

57,420

Series

2020-M43,

Class

X1,

IO,

2.02%,

8/25/2034(b)

4,952,067

354,241

Series

2020-M36,

Class

X1,

IO,

1.55%,

9/25/2034(b)

871,098

43,338

GNMA

REMICS

Series

2018-82,

Class

,

IO,

0.48%,

5/16/2058(b)

10,028,954

311,821

Series

2021-145,

Class

,

IO,

0.77%,

7/16/2061(b)

804,577

45,902

Series

2020-108,

Class

,

IO,

0.85%,

6/16/2062(b)

2,800,282

161,319

Series

2021-20,

Class

,

IO,

1.15%,

8/16/2062(b)

2,737,367

215,371

Series

2020-179,

Class

,

IO,

1.01%,

9/16/2062(b)

2,682,374

172,034

Series

2021-33,

Class

,

IO,

0.84%,

10/16/2062(b)

2,474,497

15

1,524

Series

2020-128,

Class

,

IO,

0.91%,

10/16/2062(b)

1,411,932

89,113

Series

2021-40,

Class

,

IO,

0.82%,

2/16/2063(b)

2,177,702

132,442

Series

2021-12,

Class

,

IO,

0.95%,

3/16/2063(b)

2,973,999

194,034

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

3,300,192

177,635

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2021-144,

Class

,

IO,

0.83%,

4/16/2063(b)

3,878,449

232,945

Series

2021-106,

Class

,

IO,

0.86%,

4/16/2063(b)

2,991,212

195,575

Series

2021-151,

Class

,

IO,

0.92%,

4/16/2063(b)

3,439,205

232,159

Series

2021-132,

Class

BI,

IO,

0.92%,

4/16/2063(b)

3,914,502

260,182

Series

2021-186,

Class

,

IO,

0.76%,

5/16/2063(b)

4,041,220

232,302

Series

2021-10,

Class

,

IO,

0.99%,

5/16/2063(b)

671,969

45,894

Series

2021-133,

Class

,

IO,

0.88%,

7/16/2063(b)

3,778,869

248,876

Series

2021-163,

Class

,

IO,

0.80%,

3/16/2064(b)

3,620,994

212,253

Series

2022-17,

Class

,

IO,

0.80%,

6/16/2064(b)

2,044,874

128,135

Series

2022-132,

Class

,

IO,

0.54%,

10/16/2064(b)

3,467,662

147,649

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)(b)

410,000

313,342

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

1,035,000

757,182

GS

Mortgage

Securities

Trust,

Series

2020-GC45,

Class

A5,

2.91%,

2/13/2053

415,000

370,558

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB10,

Class

A10,

4.15%,

8/5/2034(a)

2,015,000

1,854,616

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.40%,

11/15/2038(a)(b)

1,000,200

990,198

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/15/2040(a)

755,000

763,321

SPGN

Mortgage

Trust,

Series

2022-TFLM,

Class

A,

6.88%,

2/15/2039(a)(b)

1,495,000

1,464,981

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

8.50%,

11/15/2027(a)(b)

599,090

438,084

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-C61,

Class

A4,

2.66%,

11/15/2054

2,165,000

1,848,687

Series

2022-C62,

Class

A4,

4.00%,

4/15/2055(b)

1,405,000

1,319,042

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C19,

Class

A5,

4.10%,

3/15/2047

1,152,108

1,148,928

Total

Commercial

Mortgage-Backed

Securities

(cost

$32,001,866)

29,262,768

36

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

33.3%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.4%

Northrop

Grumman

Corp.

,

4.90%,

6/1/2034

1,205,000

1,212,197

RTX

Corp.

,

6.40%,

3/15/2054

560,000

644,914

1,857,111

Automobile

Components

0.3%

Aptiv

plc

,

3.10%,

12/1/2051

510,000

332,440

Denso

Corp.

,

1.24%,

9/16/2026(a)

1,115,000

1,015,133

1,347,573

Automobiles

0.7%

Kia

Corp.

,

1.00%,

4/16/2024(a)

400,000

396,229

Mercedes-Benz

Finance

North

America

LLC

,

5.10%,

8/3/2028(a)

640,000

650,982

5.00%,

1/11/2034(a)

935,000

934,494

Nissan

Motor

Acceptance

Co.

LLC

,

7.05%,

9/15/2028(a)(c)

375,000

393,525

Volkswagen

Group

of

America

Finance

LLC

,

6.45%,

11/16/2030(a)

1,140,000

1,215,648

3,590,878

Banks

8.3%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

6.34%,

9/18/2027(a)(d)

500,000

511,256

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(d)

690,000

712,107

(SOFR

+

2.33%),

6.61%,

9/13/2029(a)(d)

205,000

215,364

ANZ

New

Zealand

International

Ltd.

,

5.36%,

8/14/2028(a)

700,000

714,993

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

890,000

863,789

ASB

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.25%),

5.28%,

6/17/2032(a)(d)

405,000

400,079

Banco

Santander

SA

,

6.94%,

11/7/2033

800,000

886,674

Bank

of

America

Corp.

,

(SOFR

+

1.91%),

5.29%,

4/25/2034(d)

400,000

402,457

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

1,095,000

1,115,093

Bank

of

America

NA

,

5.53%,

8/18/2026

1,010,000

1,029,941

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Ireland

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(d)

510,000

515,303

Bank

of

Montreal

,

5.72%,

9/25/2028(c)

1,005,000

1,043,040

BNP

Paribas

SA

,

(SOFR

+

1.52%),

5.18%,

1/9/2030(a)(d)

2,455,000

2,469,764

CaixaBank

SA

,

(SOFR

+

2.77%),

6.84%,

9/13/2034(a)(d)

355,000

377,589

Canadian

Imperial

Bank

of

Commerce

,

6.09%,

10/3/2033

920,000

976,901

Citibank

NA

,

5.49%,

12/4/2026

2,340,000

2,384,597

Citigroup,

Inc.

,

(SOFR

+

2.66%),

6.17%,

5/25/2034(d)

615,000

637,910

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(d)

485,000

488,369

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(d)

780,000

738,186

Comerica,

Inc.

,

(SOFR

+

2.16%),

5.98%,

1/30/2030(d)

590,000

588,231

Cooperatieve

Rabobank

UA

,

4.80%,

1/9/2029

1,205,000

1,212,963

Credit

Agricole

SA

,

(SOFR

+

1.86%),

6.32%,

10/3/2029(a)(d)

1,060,000

1,105,372

(SOFR

+

1.69%),

5.34%,

1/10/2030(a)(d)

580,000

582,465

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.98%,

9/10/2025(a)(d)

955,000

927,369

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

6.26%,

9/22/2026(a)(d)

270,000

274,677

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.13%,

9/16/2026(a)(d)

1,115,000

1,039,690

Federation

des

Caisses

Desjardins

du

Quebec

,

5.70%,

3/14/2028(a)

400,000

410,294

Fifth

Third

Bancorp

,

(SOFR

+

2.34%),

6.34%,

7/27/2029(d)

580,000

603,843

HSBC

Holdings

plc

,

(SOFR

+

1.57%),

5.89%,

8/14/2027(d)

565,000

573,039

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

USA,

Inc.

,

5.63%,

3/17/2025

925,000

930,777

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(d)

475,000

490,942

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

475,000

481,663

Intesa

Sanpaolo

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(a)(d)

650,000

666,062

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

5.35%,

6/1/2034(d)

515,000

523,596

(SOFR

+

1.81%),

6.25%,

10/23/2034(d)

630,000

682,750

KeyBank

NA

,

5.85%,

11/15/2027

690,000

691,718

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.68%,

1/5/2035(d)

645,000

653,688

Morgan

Stanley

Bank

NA

,

5.88%,

10/30/2026

965,000

992,270

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(d)

1,185,000

1,176,511

5.60%,

12/18/2028(c)

410,000

419,927

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.84%),

5.58%,

6/12/2029(d)

965,000

985,056

Royal

Bank

of

Canada

,

5.20%,

8/1/2028

455,000

463,555

5.15%,

2/1/2034

775,000

776,777

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.50%),

6.17%,

1/9/2030(d)

1,225,000

1,232,014

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.95%),

7.13%,

1/19/2055(a)(d)

670,000

667,130

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

7.02%,

2/8/2030(a)(d)

1,035,000

1,094,625

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.10%,

1/11/2035(a)(d)

590,000

602,434

Swedbank

AB

,

6.14%,

9/12/2026(a)

1,015,000

1,036,069

Toronto-Dominion

Bank

(The)

,

5.52%,

7/17/2028

360,000

370,239

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

590,000

637,179

(SOFR

+

1.85%),

5.12%,

1/26/2034(d)

420,000

408,873

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(d)

1,090,000

1,032,600

40,817,810

Beverages

0.3%

Coca-Cola

Europacific

Partners

plc

,

0.80%,

5/3/2024(a)

1,345,000

1,328,693

Broadline

Retail

0.1%

Prosus

NV

,

4.99%,

1/19/2052(a)

665,000

488,894

Capital

Markets

4.4%

Ameriprise

Financial,

Inc.

,

5.70%,

12/15/2028

385,000

403,183

Ares

Capital

Corp.

,

4.25%,

3/1/2025

45,000

44,181

7.00%,

1/15/2027

545,000

559,239

5.88%,

3/1/2029

995,000

986,152

Ares

Finance

Co.

IV

LLC

,

3.65%,

2/1/2052(a)

300,000

211,203

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

880,000

798,631

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.03%),

4.95%,

4/26/2027(d)

805,000

806,392

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

335,000

310,238

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026(c)

540,000

490,275

7.30%,

11/27/2028(a)

435,000

453,804

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

715,000

627,700

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025(c)

120,000

115,934

4.25%,

1/15/2026

415,000

401,166

5.95%,

3/15/2029

620,000

615,607

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(a)

305,000

315,814

Blue

Owl

Credit

Income

Corp.

,

7.95%,

6/13/2028(a)

715,000

749,920

6.65%,

3/15/2031(a)

270,000

267,721

Blue

Owl

Finance

LLC

,

4.38%,

2/15/2032(a)

290,000

257,576

Blue

Owl

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

760,000

727,040

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)

445,000

459,951

38

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Credit

Suisse

AG

,

5.00%,

7/9/2027

415,000

415,225

FS

KKR

Capital

Corp.

,

3.13%,

10/12/2028

405,000

356,493

7.88%,

1/15/2029

345,000

366,085

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.08%),

5.80%,

8/10/2026(c)(d)

2,070,000

2,089,457

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

695,000

634,014

6.00%,

7/15/2029

420,000

415,020

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

865,000

789,173

HPS

Corporate

Lending

Fund

,

6.75%,

1/30/2029(a)

440,000

441,733

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028

670,000

692,532

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

4,000,000

4,000

Macquarie

Group

Ltd.

,

(SOFR

+

2.30%),

6.26%,

12/7/2034(a)(d)

905,000

950,724

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

515,000

474,964

Morgan

Stanley

,

(SOFR

+

1.73%),

5.47%,

1/18/2035(d)

1,185,000

1,209,295

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

430,000

415,307

New

Mountain

Finance

Corp.

,

6.88%,

2/1/2029

245,000

244,583

Northern

Trust

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.13%),

3.38%,

5/8/2032(c)

(d)

435,000

405,166

Sixth

Street

Specialty

Lending,

Inc.

,

6.13%,

3/1/2029

415,000

414,399

State

Street

Corp.

,

5.27%,

8/3/2026

325,000

328,840

(SOFR

+

1.48%),

5.68%,

11/21/2029(d)

1,150,000

1,189,232

21,437,969

Chemicals

0.2%

Cabot

Corp.

,

4.00%,

7/1/2029

415,000

392,952

FMC

Corp.

,

6.38%,

5/18/2053

540,000

550,983

943,935

Commercial

Services

&

Supplies

0.4%

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

815,000

795,859

6.32%,

12/4/2028(a)

880,000

914,483

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Republic

Services,

Inc.

,

5.00%,

12/15/2033

460,000

464,240

2,174,582

Consumer

Finance

3.2%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

855,000

854,076

Ally

Financial,

Inc.

,

(SOFR

+

2.82%),

6.85%,

1/3/2030(d)

635,000

655,550

American

Express

Co.

,

(SOFR

+

1.94%),

6.49%,

10/30/2031(d)

355,000

384,597

American

Honda

Finance

Corp.

,

5.65%,

11/15/2028(c)

495,000

517,344

5.85%,

10/4/2030

715,000

762,977

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

575,000

568,615

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(d)

685,000

713,852

(SOFR

+

2.64%),

6.31%,

6/8/2029(d)

1,005,000

1,036,059

(SOFR

+

1.91%),

5.70%,

2/1/2030(d)

585,000

590,700

Discover

Financial

Services

,

(United

States

SOFR

Compounded

Index

+

3.37%),

7.96%,

11/2/2034(d)

600,000

669,036

Ford

Motor

Credit

Co.

LLC

,

6.80%,

11/7/2028

1,060,000

1,107,297

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

520,000

527,571

6.10%,

1/7/2034

1,665,000

1,716,604

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

105,000

101,536

6.50%,

3/10/2028(a)

945,000

974,863

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

410,000

394,119

John

Deere

Capital

Corp.

,

4.50%,

1/16/2029

1,270,000

1,271,238

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

780,000

765,026

Synchrony

Financial

,

4.88%,

6/13/2025

165,000

162,698

Toyota

Motor

Credit

Corp.

,

4.65%,

1/5/2029

650,000

652,694

5.55%,

11/20/2030(c)

1,170,000

1,228,697

15,655,149

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

545,000

536,933

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Distributors

0.1%

LKQ

Corp.

,

5.75%,

6/15/2028

510,000

520,432

Electric

Utilities

2.0%

AEP

Transmission

Co.

LLC

,

Series

N,

2.75%,

8/15/2051

290,000

187,071

American

Electric

Power

Co.,

Inc.

,

5.20%,

1/15/2029

1,100,000

1,116,780

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

3.88%,

2/15/2062(c)(d)

765,000

672,630

Edison

International

,

4.70%,

8/15/2025

1,080,000

1,070,464

Entergy

Corp.

,

0.90%,

9/15/2025

1,100,000

1,029,983

Eversource

Energy

,

5.95%,

2/1/2029

765,000

795,622

Interstate

Power

and

Light

Co.

,

3.10%,

11/30/2051

675,000

445,776

New

England

Power

Co.

,

2.81%,

10/6/2050(a)

1,000,000

629,784

NextEra

Energy

Capital

Holdings,

Inc.

,

5.25%,

3/15/2034

1,010,000

1,016,355

Southern

California

Edison

Co.

,

5.20%,

6/1/2034

1,210,000

1,219,147

Virginia

Electric

and

Power

Co.

,

5.00%,

1/15/2034

490,000

488,113

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

1,165,000

1,155,574

9,827,299

Electronic

Equipment,

Instruments

&

Components

0.2%

CDW

LLC

,

3.28%,

12/1/2028

665,000

607,136

Flex

Ltd.

,

6.00%,

1/15/2028

585,000

603,332

1,210,468

Entertainment

0.1%

Take-Two

Interactive

Software,

Inc.

,

4.95%,

3/28/2028

685,000

690,117

Financial

Services

1.5%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

1,220,000

1,108,769

Corebridge

Financial,

Inc.

,

5.75%,

1/15/2034

735,000

753,909

Global

Payments,

Inc.

,

1.50%,

11/15/2024(c)

860,000

833,245

JPMorgan

Chase

Bank

NA

,

5.11%,

12/8/2026

2,380,000

2,410,427

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(d)

580,000

598,802

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

ORIX

Corp.

,

3.25%,

12/4/2024

635,000

623,567

Synchrony

Bank

,

5.40%,

8/22/2025

890,000

883,177

Western

Union

Co.

(The)

,

1.35%,

3/15/2026

235,000

217,010

7,428,906

Food

Products

0.4%

Bimbo

Bakeries

USA,

Inc.

,

5.38%,

1/9/2036(a)

565,000

569,723

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

420,000

419,419

JBS

USA

LUX

SA

,

7.25%,

11/15/2053(a)

660,000

717,798

Unilever

Capital

Corp.

,

5.00%,

12/8/2033(c)

355,000

364,381

2,071,321

Gas

Utilities

0.1%

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

780,000

504,961

Ground

Transportation

0.1%

Penske

Truck

Leasing

Co.

LP

,

4.00%,

7/15/2025(a)

400,000

391,965

5.35%,

1/12/2027(a)

255,000

256,464

5.55%,

5/1/2028(a)

70,000

71,239

719,668

Health

Care

Equipment

&

Supplies

0.2%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024(c)

1,050,000

1,050,642

Health

Care

Providers

&

Services

0.4%

CVS

Health

Corp.

,

5.88%,

6/1/2053

805,000

830,354

Humana,

Inc.

,

5.75%,

12/1/2028

520,000

538,849

McKesson

Corp.

,

1.30%,

8/15/2026

480,000

441,712

1,810,915

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

,

4.50%,

1/15/2025

405,000

400,633

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.70%,

5/15/2028(a)

430,000

437,910

Hotels,

Restaurants

&

Leisure

0.2%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

319,000

321,562

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027

505,000

516,535

838,097

Household

Durables

0.1%

MDC

Holdings,

Inc.

,

3.97%,

8/6/2061

665,000

489,687

40

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

795,000

769,138

Insurance

3.5%

Arthur

J

Gallagher

&

Co.

,

3.05%,

3/9/2052

1,010,000

658,054

Athene

Global

Funding

,

2.50%,

3/24/2028(a)

420,000

376,293

Athene

Holding

Ltd.

,

5.88%,

1/15/2034

845,000

848,914

Brighthouse

Financial

Global

Funding

,

1.75%,

1/13/2025(a)

955,000

918,626

CNO

Global

Funding

,

2.65%,

1/6/2029(a)

990,000

857,943

Corebridge

Global

Funding

,

0.90%,

9/22/2025(a)

1,010,000

943,273

Equitable

Financial

Life

Global

Funding

,

5.50%,

12/2/2025(a)

955,000

957,961

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

880,000

868,152

2.00%,

9/20/2028(a)

525,000

446,525

GA

Global

Funding

Trust

,

2.25%,

1/6/2027(a)

1,135,000

1,038,196

5.50%,

1/8/2029(a)

155,000

155,934

Great-West

Lifeco

US

Finance

2020

LP

,

0.90%,

8/12/2025(a)

1,225,000

1,151,214

Hill

City

Funding

Trust

,

4.05%,

8/15/2041(a)

670,000

497,340

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

915,000

883,988

3.88%,

6/11/2025(a)

195,000

190,245

MetLife,

Inc.

,

5.38%,

7/15/2033

645,000

666,728

New

York

Life

Global

Funding

,

5.00%,

1/9/2034(a)

1,165,000

1,167,999

Northwestern

Mutual

Global

Funding

,

4.90%,

6/12/2028(a)

1,095,000

1,099,341

Pine

Street

Trust

II

,

5.57%,

2/15/2049(a)

275,000

261,640

Reliance

Standard

Life

Global

Funding

II

,

2.75%,

5/7/2025(a)(c)

1,270,000

1,226,254

RGA

Global

Funding

,

2.70%,

1/18/2029(a)

735,000

651,708

5.50%,

1/11/2031(a)

765,000

767,379

Trustage

Financial

Group,

Inc.

,

4.63%,

4/15/2032(a)(c)

560,000

491,209

17,124,916

IT

Services

0.2%

DXC

Technology

Co.

,

2.38%,

9/15/2028

1,160,000

1,013,094

Corporate

Bonds

Principal

Amount

($)

Value

($)

Life

Sciences

Tools

&

Services

0.2%

Thermo

Fisher

Scientific,

Inc.

,

5.00%,

1/31/2029

745,000

762,182

Machinery

0.3%

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

575,000

565,815

5.50%,

1/12/2029

635,000

653,027

Daimler

Truck

Finance

North

America

LLC

,

5.40%,

9/20/2028(a)

420,000

429,541

1,648,383

Media

0.3%

Fox

Corp.

,

6.50%,

10/13/2033

1,375,000

1,482,943

Metals

&

Mining

0.1%

Northern

Star

Resources

Ltd.

,

6.13%,

4/11/2033(a)

490,000

499,417

Multi-Utilities

0.4%

Ameren

Corp.

,

5.00%,

1/15/2029

620,000

623,536

National

Grid

plc

,

5.42%,

1/11/2034

1,070,000

1,071,641

Sempra

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.87%),

4.13%,

4/1/2052(d)

470,000

413,788

2,108,965

Office

REITs

0.2%

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

570,000

539,841

Piedmont

Operating

Partnership

LP

,

3.15%,

8/15/2030

370,000

285,318

825,159

Oil,

Gas

&

Consumable

Fuels

0.8%

BP

Capital

Markets

America,

Inc.

,

4.99%,

4/10/2034

1,180,000

1,188,017

Enbridge,

Inc.

,

5.70%,

3/8/2033(c)

575,000

593,193

Enterprise

Products

Operating

LLC

,

4.85%,

1/31/2034(c)

1,255,000

1,255,755

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

785,000

790,424

3,827,389

Pharmaceuticals

0.4%

Bayer

US

Finance

LLC

,

6.50%,

11/21/2033(a)

1,150,000

1,171,791

Bristol-Myers

Squibb

Co.

,

6.25%,

11/15/2053

790,000

893,990

2,065,781

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

0.2%

Equifax,

Inc.

,

5.10%,

6/1/2028

825,000

834,650

Retail

REITs

0.3%

Realty

Income

Corp.

,

5.13%,

2/15/2034

1,690,000

1,677,987

Semiconductors

&

Semiconductor

Equipment

0.4%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)

730,000

702,681

KLA

Corp.

,

4.70%,

2/1/2034

375,000

373,647

Microchip

Technology,

Inc.

,

0.97%,

2/15/2024

240,000

239,558

Micron

Technology,

Inc.

,

6.75%,

11/1/2029

445,000

480,439

Qorvo,

Inc.

,

1.75%,

12/15/2024

320,000

308,630

2,104,955

Specialized

REITs

0.1%

Crown

Castle,

Inc.

,

5.80%,

3/1/2034

575,000

592,562

Specialty

Retail

0.6%

AutoNation,

Inc.

,

3.50%,

11/15/2024

800,000

784,529

4.50%,

10/1/2025

675,000

665,623

AutoZone,

Inc.

,

6.25%,

11/1/2028(c)

300,000

318,557

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

710,000

514,152

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

445,000

456,006

2,738,867

Technology

Hardware,

Storage

&

Peripherals

0.2%

Hewlett

Packard

Enterprise

Co.

,

5.25%,

7/1/2028(c)

695,000

706,295

NetApp,

Inc.

,

1.88%,

6/22/2025

535,000

511,229

1,217,524

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.

,

7.85%,

11/27/2033

430,000

459,557

Tobacco

0.2%

BAT

Capital

Corp.

,

7.08%,

8/2/2053

515,000

546,509

Philip

Morris

International,

Inc.

,

5.13%,

2/15/2030

535,000

543,815

1,090,324

Trading

Companies

&

Distributors

0.6%

Air

Lease

Corp.

,

5.10%,

3/1/2029

1,215,000

1,208,532

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)(c)

885,000

793,104

6.50%,

7/18/2028(a)

155,000

158,774

5.95%,

2/15/2029(a)

285,000

285,005

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

GATX

Corp.

,

6.90%,

5/1/2034

430,000

475,478

2,920,893

Total

Corporate

Bonds

(cost

$169,513,313)

163,945,269

Mortgage-Backed

Securities

17.6%

FHLMC

UMBS

Pool

Pool#

SD8200

2.50%,

3/1/2052

2,034,892

1,715,080

Pool#

SD8205

2.50%,

4/1/2052

14,857,573

12,519,766

Pool#

QE0012

2.50%,

4/1/2052

1,729,333

1,456,100

Pool#

QE0764

3.00%,

4/1/2052

5,128,945

4,489,191

Pool#

QE2352

2.50%,

5/1/2052

1,331,923

1,121,701

Pool#

SD8219

2.50%,

6/1/2052

1,068,004

898,278

Pool#

QE4044

2.50%,

6/1/2052

579,061

487,500

Pool#

SD2088

3.50%,

6/1/2052

9,874,170

8,992,484

Pool#

SD8234

2.50%,

8/1/2052

417,075

350,601

Pool#

SD8271

2.50%,

10/1/2052

941,232

791,933

Pool#

QF1212

4.00%,

10/1/2052

4,306,000

4,053,402

FNMA

Pool

Pool#

BS6952

5.34%,

10/1/2032

1,158,468

1,222,286

Pool#

AN8477

3.40%,

2/1/2033

1,973,602

1,822,998

Pool#

AN9700

3.67%,

7/1/2033

5,000,000

4,658,602

FNMA

UMBS

Pool

Pool#

MA3209

3.00%,

12/1/2047

1,299,352

1,158,054

Pool#

MA3275

3.00%,

2/1/2048

1,153,215

1,027,442

Pool#

MA4562

2.00%,

3/1/2052

2,082,619

1,679,165

Pool#

CB3496

3.00%,

5/1/2052

5,392,131

4,722,368

Pool#

MA4623

2.50%,

6/1/2052

600,823

505,406

Pool#

BU8730

2.50%,

6/1/2052

346,277

291,619

Pool#

FS5493

2.50%,

7/1/2052

4,031,312

3,398,926

Pool#

MA4652

2.50%,

7/1/2052

388,262

326,916

Pool#

MA4653

3.00%,

7/1/2052

5,158,541

4,518,077

Pool#

MA4743

2.50%,

8/1/2052

373,004

313,851

42

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS3497

3.50%,

8/1/2052

5,012,723

4,562,274

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

5.50%,

3/25/2054

2,100,000

2,105,896

6.00%,

3/25/2054

1,000,000

1,013,379

GNMA

I

Pool

Pool#

442138

8.00%,

11/15/2026

5,934

6,028

Pool#

399109

7.50%,

2/15/2027

2,478

2,485

Pool#

445661

7.50%,

7/15/2027

1,536

1,541

Pool#

443887

7.50%,

8/15/2027

2,637

2,645

Pool#

455381

7.50%,

8/15/2027

1,473

1,482

Pool#

450591

7.50%,

8/15/2027

216

217

Pool#

453295

7.50%,

8/15/2027

100

100

Pool#

446699

6.00%,

8/15/2028

3,731

3,838

Pool#

482748

6.00%,

9/15/2028

19,475

20,106

Pool#

781029

6.50%,

5/15/2029

28,610

29,595

GNMA

II

Pool

Pool#

MA8043

3.00%,

5/20/2052

5,265,607

4,702,193

Pool#

MA8098

3.00%,

6/20/2052

5,003,963

4,468,546

Pool#

MA8192

4.00%,

8/20/2052

2,103,634

1,961,865

Pool#

MA8260

4.00%,

9/20/2052

950,687

878,997

Pool#

MA8261

4.50%,

9/20/2052

694,680

666,660

Pool#

MA8418

4.50%,

11/20/2052

472,892

453,234

Pool#

MA8801

5.50%,

4/20/2053

3,122,553

3,142,729

Total

Mortgage-Backed

Securities

(cost

$88,501,422)

86,545,556

U.S.

Treasury

Obligations

26.1%

U.S.

Treasury

Bonds

3.38%,

8/15/2042

2,360,000

2,077,630

3.88%,

2/15/2043

2,670,000

2,513,450

3.88%,

5/15/2043

5,420,000

5,099,881

4.38%,

8/15/2043

10,030,000

10,102,091

4.75%,

11/15/2043

3,515,000

3,720,957

2.25%,

8/15/2049

11,385,000

7,735,574

3.00%,

8/15/2052

1,330,000

1,054,700

4.13%,

8/15/2053

(c)

7,495,000

7,369,693

4.75%,

11/15/2053

1,915,000

2,090,941

U.S.

Treasury

Notes

5.00%,

10/31/2025

14,765,000

14,932,837

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.88%,

11/30/2025

2,415,000

2,440,093

4.25%,

12/31/2025

7,275,000

7,275,568

4.00%,

6/30/2028

520,000

522,092

4.38%,

8/31/2028

3,980,000

4,060,377

4.63%,

9/30/2028

(c)

1,940,000

1,999,867

4.88%,

10/31/2028

46,865,000

48,842,117

3.75%,

12/31/2028

4,940,000

4,911,827

3.88%,

8/15/2033

525,000

521,883

4.50%,

11/15/2033

1,235,000

1,289,610

Total

U.S.

Treasury

Obligations

(cost

$129,034,926)

128,561,188

Short-Term

Investment

0.1%

U.S.

Treasury

Obligation

0.1%

U.S.

Treasury

Bills,

5.29%,

4/11/2024(f)

400,000

395,943

Total

Short-Term

Investment

(cost

$395,938)

395,943

Repurchase

Agreements

1.0%

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,361,641,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$3,428,874.

(g)

3,361,145

3,361,145

Santander

US

Capital

Markets

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,495,225,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$1,525,129.

(g)

1,495,00

5

1,495,005

Total

Repurchase

Agreements

(cost

$4,856,150)

4,856,150

Total

Investments

(cost

$495,710,536)

—

98.3%

483,856,662

Other

assets

in

excess

of

liabilities

—

1.7%

8,474,947

NET

ASSETS

—

100.0%

$

492,331,609

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$102,019,026

which

represents

20.72%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$15,845,209,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,856,150

and

by

$11,433,029

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$16,289,179.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(e)

Security

in

default.

(f)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$4,856,150.

ACES

Alternative

Credit

Enhancement

Services

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

33

3/2024

USD

3,576,890

54,852

U.S.

Treasury

10

Year

Note

54

3/2024

USD

6,065,719

146,705

U.S.

Treasury

10

Year

Ultra

Note

8

3/2024

USD

935,000

8,199

U.S.

Treasury

Long

Bond

113

3/2024

USD

13,824,844

673,840

U.S.

Treasury

Ultra

Bond

108

3/2024

USD

13,955,625

715,413

Net

contracts

1,599,009

As

of

January

31,

2024,

the

Fund

had

$1,445,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

46

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

43,911,459

$

–

$

43,911,459

Collateralized

Mortgage

Obligations

–

26,378,329

–

26,378,329

Commercial

Mortgage-Backed

Securities

–

29,262,768

–

29,262,768

Corporate

Bonds

–

163,945,269

–

163,945,269

Futures

Contracts

1,599,009

–

–

1,599,009

Mortgage-Backed

Securities

–

86,545,556

–

86,545,556

Repurchase

Agreements

–

4,856,150

–

4,856,150

Short-Term

Investment

–

395,943

–

395,943

U.S.

Treasury

Obligations

–

128,561,188

–

128,561,188

Total

$

1,599,009

$

483,856,662

$

–

$

485,455,671

Nationwide

Loomis

Core

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,599,009

Total

$

1,599,009

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

48

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

24.1%

Principal

Amount

($)

Value

($)

Automobiles

16.3%

Ally

Auto

Receivables

Trust

Series

2022-3,

Class

A3,

5.07%,

4/15/2027

130,000

129,899

Series

2023-1,

Class

A3,

5.46%,

5/15/2028

215,000

217,503

American

Credit

Acceptance

Receivables

Trust

Series

2023-4,

Class

B,

6.63%,

2/14/2028(a)

205,000

208,217

Series

2022-4,

Class

C,

7.86%,

2/15/2029(a)

85,000

86,090

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

345,000

349,281

AmeriCredit

Automobile

Receivables

Trust

Series

2021-3,

Class

C,

1.41%,

8/18/2027

265,000

246,665

Series

2022-2,

Class

A3,

4.38%,

4/18/2028

175,000

173,505

Avid

Automobile

Receivables

Trust,

Series

2023-1,

Class

A,

6.63%,

7/15/2026(a)

197,083

196,941

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

535,000

541,675

BMW

Vehicle

Lease

Trust,

Series

2023-1,

Class

A3,

5.16%,

11/25/2025

80,000

79,873

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

145,000

146,544

Bridgecrest

Lending

Auto

Securitization

Trust,

Series

2023-1,

Class

A3,

6.51%,

11/15/2027

300,000

303,324

Capital

One

Prime

Auto

Receivables

Trust,

Series

2023-1,

Class

A3,

4.87%,

2/15/2028

450,000

450,249

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

47,703

46,906

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

525,000

526,356

Series

2023-3,

Class

A3,

5.28%,

5/15/2028

145,000

146,371

Carvana

Auto

Receivables

Trust

Series

2023-P1,

Class

A3,

5.98%,

12/10/2027(a)

25,000

25,173

Series

2021-N4,

Class

A1,

0.83%,

9/11/2028

60,584

60,073

Series

2021-N4,

Class

C,

1.72%,

9/11/2028

34,884

32,989

Chesapeake

Funding

II

LLC,

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

361,950

362,963

Citizens

Auto

Receivables

Trust,

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

120,000

120,499

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Credit

Acceptance

Auto

Loan

Trust

Series

2022-3A,

Class

A,

6.57%,

10/15/2032(a)

625,000

631,310

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

130,000

131,264

Donlen

Fleet

Lease

Funding

2

LLC,

Series

2021-2,

Class

A2,

0.56%,

12/11/2034(a)

54,629

54,036

DT

Auto

Owner

Trust

Series

2020-3A,

Class

C,

1.47%,

6/15/2026(a)

54,924

54,454

Series

2022-3A,

Class

B,

6.74%,

7/17/2028(a)

160,000

161,179

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

260,000

258,888

Enterprise

Fleet

Financing

LLC

Series

2022-3,

Class

A2,

4.38%,

7/20/2029(a)

102,854

101,955

Series

2024-1,

Class

A2,

5.23%,

3/20/2030(a)

210,000

210,678

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

380,000

381,210

Exeter

Automobile

Receivables

Trust

Series

2022-4A,

Class

A3,

4.33%,

2/17/2026

2,423

2,420

Series

2023-5A,

Class

A3,

6.32%,

3/15/2027

45,000

45,391

Series

2023-1A,

Class

B,

5.72%,

4/15/2027

365,000

364,850

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

435,000

441,168

First

Investors

Auto

Owner

Trust,

Series

2022-

1A,

Class

C,

3.13%,

5/15/2028(a)

350,000

335,474

Flagship

Credit

Auto

Trust

Series

2021-2,

Class

B,

0.93%,

6/15/2027(a)

115,309

113,965

Series

2023-1,

Class

A3,

5.01%,

8/16/2027(a)

215,000

214,357

Ford

Credit

Auto

Owner

Trust

Series

2020-C,

Class

A3,

0.41%,

7/15/2025

35,587

35,295

Series

2021-A,

Class

A3,

0.30%,

8/15/2025

93,528

92,386

Series

2023-A,

Class

A3,

4.65%,

2/15/2028

200,000

199,078

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

270,000

272,491

Foursight

Capital

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

4.49%,

3/16/2026(a)

82,701

82,553

Series

2022-1,

Class

A3,

1.83%,

12/15/2026(a)

147,957

145,627

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

310,000

312,459

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

B,

1.53%,

4/15/2026(a)

228,186

226,480

GM

Financial

Automobile

Leasing

Trust

Series

2023-1,

Class

A3,

5.16%,

4/20/2026

335,000

334,665

Series

2023-2,

Class

A3,

5.05%,

7/20/2026

365,000

365,077

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2022-2,

Class

A2,

2.52%,

5/16/2025

4,062

4,056

Series

2021-1,

Class

A3,

0.35%,

10/16/2025

31,803

31,423

Series

2023-1,

Class

A3,

4.66%,

2/16/2028

90,000

89,704

Series

2023-3,

Class

A3,

5.45%,

6/16/2028

160,000

162,198

Harley-Davidson

Motorcycle

Trust

Series

2021-A,

Class

A3,

0.37%,

4/15/2026

53,277

52,631

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

210,000

213,287

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

170,000

175,030

Hertz

Vehicle

Financing

III

LLC,

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

295,000

300,754

Honda

Auto

Receivables

Owner

Trust

Series

2021-1,

Class

A3,

0.27%,

4/21/2025

37,624

37,264

Series

2023-1,

Class

A3,

5.04%,

4/21/2027

190,000

190,394

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

430,000

435,177

Hyundai

Auto

Lease

Securitization

Trust,

Series

2024-A,

Class

A4,

5.07%,

2/15/2028(a)

140,000

140,470

Hyundai

Auto

Receivables

Trust,

Series

2023-B,

Class

A3,

5.48%,

4/17/2028

145,000

146,657

LAD

Auto

Receivables

Trust

Series

2023-3A,

Class

A3,

6.12%,

9/15/2027(a)

475,000

479,071

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

90,000

92,026

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/2036(a)

595,000

600,687

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2023-1,

Class

A,

6.18%,

8/25/2028(a)

200,000

202,217

Nissan

Auto

Lease

Trust,

Series

2023-B,

Class

A3,

5.69%,

7/15/2026

330,000

332,202

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-A,

Class

A3,

4.91%,

11/15/2027

475,000

474,837

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

A4,

4.18%,

12/15/2028(a)

120,000

118,519

Prestige

Auto

Receivables

Trust

Series

2021-1A,

Class

C,

1.53%,

2/15/2028(a)

215,000

204,239

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

500,000

498,746

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

B,

5.77%,

12/15/2028

270,000

273,841

Series

2023-5,

Class

B,

6.16%,

12/17/2029

460,000

472,755

Series

2023-1,

Class

C,

5.09%,

5/15/2030

115,000

114,285

Series

2023-3,

Class

C,

5.77%,

11/15/2030

135,000

137,231

SBNA

Auto

Lease

Trust,

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

175,000

175,397

SFS

Auto

Receivables

Securitization

Trust,

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

530,000

536,266

Toyota

Auto

Receivables

Owner

Trust,

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

150,000

151,118

Toyota

Lease

Owner

Trust,

Series

2023-A,

Class

A3,

4.93%,

4/20/2026(a)

430,000

429,472

United

Auto

Credit

Securitization

Trust,

Series

2022-2,

Class

C,

5.81%,

5/10/2027(a)

230,000

228,908

VStrong

Auto

Receivables

Trust,

Series

2023-A,

Class

A3,

6.87%,

11/15/2027(a)

670,000

679,645

Westlake

Automobile

Receivables

Trust,

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

560,000

564,005

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

680,000

681,946

50

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

World

Omni

Automobile

Lease

Securitization

Trust

Series

2022-A,

Class

A3,

3.21%,

2/18/2025

89,420

88,939

Series

2023-A,

Class

A3,

5.07%,

9/15/2026

330,000

330,040

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

B,

0.85%,

8/16/2027

190,000

181,871

20,047,114

Credit

Card

0.8%

Mission

Lane

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

7.23%,

7/17/2028(a)

105,000

105,956

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

125,000

127,248

World

Financial

Network

Credit

Card

Master

Trust,

Series

2023-A,

Class

A,

5.02%,

3/15/2030

740,000

741,111

974,315

Equipment

Loans

&

Leases

4.2%

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

120,000

121,041

CCG

Receivables

Trust,

Series

2023-1,

Class

A2,

5.82%,

9/16/2030(a)

246,197

247,851

Daimler

Trucks

Retail

Trust,

Series

2023-1,

Class

A4,

5.93%,

12/16/2030

400,000

408,816

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

630,000

641,476

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

840,000

842,644

DLLST

LLC,

Series

2024-

1A,

Class

A3,

5.05%,

8/20/2027(a)

65,000

65,007

GreatAmerica

Leasing

Receivables,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

740,000

738,672

HPEFS

Equipment

Trust,

Series

2023-1A,

Class

A3,

5.41%,

2/22/2028(a)

745,000

747,870

John

Deere

Owner

Trust,

Series

2023-A,

Class

A3,

5.01%,

11/15/2027

145,000

145,313

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A2,

5.40%,

2/17/2026(a)

236,214

235,995

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

270,000

272,138

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

SCF

Equipment

Leasing

LLC

Series

2022-1A,

Class

A3,

2.92%,

7/20/2029(a)

343,760

337,440

Series

2023-1A,

Class

A2,

6.56%,

1/22/2030(a)

315,000

317,417

5,121,680

Other

2.3%

ACHV

ABS

TRUST,

Series

2023-3PL,

Class

A,

6.60%,

8/19/2030(a)

25,674

25,679

Affirm

Asset

Securitization

Trust

Series

2023-B,

Class

A,

6.82%,

9/15/2028(a)

245,000

250,718

Series

2023-X1,

Class

A,

7.11%,

11/15/2028(a)

130,480

130,863

Aqua

Finance

Trust,

Series

2021-A,

Class

A,

1.54%,

7/17/2046(a)

137,464

123,315

BHG

Securitization

Trust

Series

2022-C,

Class

A,

5.32%,

10/17/2035(a)

64,881

64,524

Series

2023-B,

Class

A,

6.92%,

12/17/2036(a)

271,455

277,053

FREED

ABS

Trust,

Series

2022-4FP,

Class

B,

7.58%,

12/18/2029(a)

169,945

170,461

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

8/20/2053(a)

275,000

276,869

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

179,317

182,499

Marlette

Funding

Trust

Series

2022-3A,

Class

A,

5.18%,

11/15/2032(a)

35,312

35,221

Series

2023-2A,

Class

A,

6.04%,

6/15/2033(a)

213,556

213,406

Series

2023-3A,

Class

A,

6.49%,

9/15/2033(a)

183,507

184,035

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

450,000

395,874

OneMain

Financial

Issuance

Trust,

Series

2022-

S1,

Class

A,

4.13%,

5/14/2035(a)

490,000

477,518

2,808,035

Student

Loan

0.5%

Massachusetts

Educational

Financing

Authority,

Series

2018-A,

Class

A,

3.85%,

5/25/2033

139,172

129,861

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA,

Class

A,

1.31%,

1/15/2069(a)

80,706

74,113

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Student

Loan

Series

2021-A,

Class

A,

0.84%,

5/15/2069(a)

88,635

78,262

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

31,729

28,692

Series

2021-CA,

Class

A,

1.06%,

10/15/2069(a)

282,350

247,537

558,465

Total

Asset-Backed

Securities

(cost

$29,528,876)

29,509,609

Collateralized

Mortgage

Obligations

0.5%

FHLMC

REMICS

Series

3585,

Class

LA,

3.50%,

10/15/2024

357

355

Series

3721,

Class

PE,

3.50%,

9/15/2040

40,567

38,978

FNMA

REMICS

Series

2012-100,

Class

WA,

1.50%,

9/25/2027

59,544

56,550

Series

2012-93,

Class

DP,

1.50%,

9/25/2027

50,200

47,768

GNMA

REMICS

Series

2009-104,

Class

KE,

2.50%,

8/16/2039

2,997

2,948

Series

2011-39,

Class

NE,

3.50%,

9/16/2039

35,526

35,249

Series

2010-H22,

Class

FE,

5.81%,

5/20/2059(b)

10,828

10,763

Series

2011-H11,

Class

FA,

5.96%,

3/20/2061(b)

88,607

88,309

Series

2011-H23,

Class

HA,

3.00%,

12/20/2061

4,305

4,088

Series

2012-H18,

Class

NA,

5.98%,

8/20/2062(b)

27,150

27,025

Series

2016-H13,

Class

FT,

6.04%,

5/20/2066(b)

9,105

9,087

Series

2017-H25,

Class

FD,

5.61%,

12/20/2067(b)

28,636

28,120

Series

2019-H01,

Class

FJ,

5.76%,

9/20/2068(b)

20,740

20,697

Series

2019-H01,

Class

FT,

5.86%,

10/20/2068(b)

83,217

82,976

Series

2019-H13,

Class

FT,

5.61%,

8/20/2069(b)

108,449

108,287

Total

Collateralized

Mortgage

Obligations

(cost

$573,509)

561,200

Commercial

Mortgage-Backed

Securities

5.3%

AOA

Mortgage

Trust,

Series

2021-1177,

Class

A,

6.32%,

10/15/2038(a)(b)

430,000

406,350

BANK5

Series

2023-5YR3,

Class

A3,

6.72%,

9/15/2056(b)

175,000

187,586

Series

2023-5YR4,

Class

A3,

6.50%,

12/15/2056

70,000

74,513

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

BBCMS

Mortgage

Trust,

Series

2020-BID,

Class

A,

7.59%,

10/15/2037(a)(b)

425,000

422,875

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

320,000

330,936

BPR

Trust

Series

2022-OANA,

Class

A,

7.23%,

4/15/2037(a)(b)

200,000

199,749

Series

2021-NRD,

Class

A,

6.86%,

12/15/2038(a)(b)

350,000

328,972

Series

2022-SSP,

Class

A,

8.33%,

5/15/2039(a)(b)

455,000

457,426

CFCRE

Commercial

Mortgage

Trust

REMICS,

Series

2016-C7,

Class

A3,

3.84%,

12/10/2054

340,000

324,590

Citigroup

Commercial

Mortgage

Trust,

Series

2021-PRM2,

Class

A,

6.40%,

10/15/2038(a)(b)

410,000

406,539

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

395,000

357,544

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

140,000

145,351

DROP

Mortgage

Trust,

Series

2021-FILE,

Class

A,

6.60%,

10/15/2043(a)(b)

525,000

500,719

GS

Mortgage

Securities

Corp.

II,

Series

2023-SHIP,

Class

A,

4.47%,

9/10/2038(a)(b)

215,000

209,793

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)(b)

100,000

76,425

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

350,000

256,052

Hudsons

Bay

Simon

JV

Trust,

Series

2015-HB7,

Class

A7,

3.91%,

8/5/2034(a)

99,909

95,805

Med

Trust,

Series

2021-

MDLN,

Class

A,

6.40%,

11/15/2038(a)(b)

348,328

344,845

MSBAM

Commercial

Mortgage

Securities

Trust,

Series

2012-CKSV,

Class

A2,

3.28%,

10/15/2030(a)

424,875

377,740

OPG

Trust,

Series

2021-

PORT,

Class

A,

5.93%,

10/15/2036(a)(b)

516,807

508,409

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/15/2040(a)

230,000

232,535

52

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Starwood

Retail

Property

Trust,

Series

2014-

STAR,

Class

A,

8.50%,

11/15/2027(a)(b)

307,641

224,962

Total

Commercial

Mortgage-Backed

Securities

(cost

$6,807,318)

6,469,716

Corporate

Bonds

47.3%

Aerospace

&

Defense

0.7%

Northrop

Grumman

Corp.

,

4.60%,

2/1/2029

425,000

425,791

RTX

Corp.

,

5.75%,

11/8/2026

470,000

482,133

907,924

Automobiles

1.4%

Hyundai

Capital

America

,

5.95%,

9/21/2026(a)

480,000

489,422

Kia

Corp.

,

2.38%,

2/14/2025(a)

520,000

504,889

Mercedes-Benz

Finance

North

America

LLC

,

4.85%,

1/11/2029(a)

610,000

613,586

Nissan

Motor

Acceptance

Co.

LLC

,

7.05%,

9/15/2028(a)(c)

125,000

131,175

1,739,072

Banks

10.7%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

6.34%,

9/18/2027(a)(d)

400,000

409,005

AIB

Group

plc

,

(SOFR

+

3.46%),

7.58%,

10/14/2026(a)(d)

345,000

356,054

ANZ

New

Zealand

Int'l

Ltd.

,

2.17%,

2/18/2025(a)

300,000

291,165

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

215,000

216,920

Australia

&

New

Zealand

Banking

Group

Ltd.

,

5.38%,

7/3/2025

430,000

433,483

Bank

of

America

Corp.

,

(SOFR

+

1.33%),

3.38%,

4/2/2026(d)

465,000

454,529

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

195,000

198,578

Bank

of

America

NA

,

5.65%,

8/18/2025

450,000

455,445

Bank

of

Ireland

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

6.25%,

9/16/2026(a)(d)

200,000

202,079

Bank

of

Montreal

,

5.27%,

12/11/2026

515,000

521,669

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

BNP

Paribas

SA

,

(SOFR

+

1.52%),

5.18%,

1/9/2030(a)(d)

610,000

613,668

Citibank

NA

,

5.49%,

12/4/2026

590,000

601,245

Citigroup,

Inc.

,

(SOFR

+

2.66%),

6.17%,

5/25/2034(d)

150,000

155,588

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(d)

305,000

307,119

Comerica,

Inc.

,

(SOFR

+

2.16%),

5.98%,

1/30/2030(d)

150,000

149,550

Cooperatieve

Rabobank

UA

,

4.80%,

1/9/2029

430,000

432,841

Credit

Agricole

SA

,

(SOFR

+

1.69%),

5.34%,

1/10/2030(a)(d)

365,000

366,551

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

6.26%,

9/22/2026(a)(d)

330,000

335,716

Fifth

Third

Bancorp

,

(SOFR

+

2.34%),

6.34%,

7/27/2029(d)

200,000

208,222

HSBC

Holdings

plc

,

(SOFR

+

1.57%),

5.89%,

8/14/2027(d)

200,000

202,846

HSBC

USA,

Inc.

,

5.63%,

3/17/2025

370,000

372,311

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(d)

230,000

237,719

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)

280,000

286,770

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.57%),

6.09%,

10/23/2029(d)

115,000

120,768

KeyBank

NA

,

5.85%,

11/15/2027

415,000

416,033

National

Australia

Bank

Ltd.

,

4.75%,

12/10/2025

610,000

610,918

National

Bank

of

Canada

,

(SOFR

+

1.01%),

3.75%,

6/9/2025(d)

350,000

347,493

NatWest

Markets

plc

,

1.60%,

9/29/2026(a)(c)

255,000

233,616

Royal

Bank

of

Canada

,

5.20%,

7/20/2026

355,000

358,822

4.95%,

2/1/2029

425,000

428,252

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.50%),

6.17%,

1/9/2030(d)

305,000

306,746

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.63%,

1/19/2030(a)(d)

425,000

424,382

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

7.02%,

2/8/2030(a)(d)

205,000

216,810

Swedbank

AB

,

6.14%,

9/12/2026(a)

285,000

290,916

Toronto-Dominion

Bank

(The)

,

5.26%,

12/11/2026

140,000

142,377

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

205,000

221,393

UniCredit

SpA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

9/22/2026(a)(d)

455,000

431,039

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(d)

100,000

98,306

Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026

595,000

603,535

13,060,479

Beverages

0.3%

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

395,000

390,090

Broadline

Retail

0.3%

Prosus

NV

,

3.26%,

1/19/2027(a)

370,000

342,038

Capital

Markets

4.3%

Ares

Capital

Corp.

,

7.00%,

1/15/2027

85,000

87,221

5.88%,

3/1/2029

245,000

242,821

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.60%),

6.32%,

10/25/2029(c)(d)

295,000

313,257

Barings

BDC,

Inc.

,

3.30%,

11/23/2026

105,000

97,239

Blackstone

Private

Credit

Fund

,

2.63%,

12/15/2026

180,000

163,425

7.30%,

11/27/2028(a)

65,000

67,810

Blackstone

Secured

Lending

Fund

,

2.85%,

9/30/2028

235,000

206,307

Blue

Owl

Capital

Corp.

,

3.75%,

7/22/2025

210,000

202,884

5.95%,

3/15/2029

100,000

99,291

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(a)

95,000

98,368

Blue

Owl

Credit

Income

Corp.

,

7.95%,

6/13/2028(a)

175,000

183,547

6.65%,

3/15/2031(a)

90,000

89,240

Blue

Owl

Technology

Finance

Corp.

,

4.75%,

12/15/2025(a)

190,000

181,760

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)

110,000

113,696

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Credit

Suisse

AG

,

5.00%,

7/9/2027

350,000

350,190

FS

KKR

Capital

Corp.

,

3.25%,

7/15/2027

135,000

123,914

7.88%,

1/15/2029

55,000

58,361

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.08%),

5.80%,

8/10/2026(d)

490,000

494,606

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

195,000

177,889

6.00%,

7/15/2029

95,000

93,873

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

255,000

232,646

HPS

Corporate

Lending

Fund

,

6.75%,

1/30/2029(a)

110,000

110,433

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028

230,000

237,735

Lehman

Brothers

Holdings,

Inc.

,

5.63%,

1/24/2013(e)

500,000

500

Macquarie

Group

Ltd.

,

(SOFR

+

2.30%),

6.26%,

12/7/2034(a)(d)

165,000

173,336

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

130,000

119,894

Morgan

Stanley

,

(SOFR

+

1.45%),

5.17%,

1/16/2030(d)

425,000

428,656

Morgan

Stanley

Direct

Lending

Fund

,

4.50%,

2/11/2027

70,000

67,608

New

Mountain

Finance

Corp.

,

6.88%,

2/1/2029

60,000

59,898

Sixth

Street

Specialty

Lending,

Inc.

,

6.13%,

3/1/2029

105,000

104,848

State

Street

Corp.

,

(SOFR

+

1.48%),

5.68%,

11/21/2029(d)

295,000

305,064

5,286,317

Chemicals

1.0%

Celanese

US

Holdings

LLC

,

6.17%,

7/15/2027

425,000

435,347

EIDP,

Inc.

,

4.50%,

5/15/2026

470,000

468,657

Nutrien

Ltd.

,

5.90%,

11/7/2024(c)

335,000

335,684

1,239,688

Commercial

Services

&

Supplies

0.5%

Element

Fleet

Management

Corp.

,

3.85%,

6/15/2025(a)

215,000

209,950

6.32%,

12/4/2028(a)

210,000

218,229

GFL

Environmental,

Inc.

,

6.75%,

1/15/2031(a)

150,000

153,417

581,596

54

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

3.9%

AerCap

Ireland

Capital

DAC

,

3.15%,

2/15/2024

280,000

279,698

Ally

Financial,

Inc.

,

7.10%,

11/15/2027

175,000

184,028

(SOFR

+

2.82%),

6.85%,

1/3/2030(d)

75,000

77,427

American

Express

Co.

,

(SOFR

+

1.94%),

6.49%,

10/30/2031(d)

90,000

97,503

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

345,000

342,949

BOC

Aviation

USA

Corp.

,

1.63%,

4/29/2024(a)

205,000

202,724

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(d)

150,000

156,318

(SOFR

+

1.91%),

5.70%,

2/1/2030(d)

145,000

146,413

Ford

Motor

Credit

Co.

LLC

,

2.30%,

2/10/2025

200,000

193,060

6.80%,

11/7/2028

335,000

349,948

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

235,000

238,422

5.80%,

1/7/2029

295,000

302,847

Harley-Davidson

Financial

Services,

Inc.

,

3.35%,

6/8/2025(a)

55,000

53,186

6.50%,

3/10/2028(a)

230,000

237,268

Hyundai

Capital

Services,

Inc.

,

2.13%,

4/24/2025(a)

200,000

192,253

John

Deere

Capital

Corp.

,

4.50%,

1/16/2029

315,000

315,307

LeasePlan

Corp.

NV

,

2.88%,

10/24/2024(a)

495,000

485,497

Navient

Corp.

,

11.50%,

3/15/2031

165,000

180,226

Synchrony

Financial

,

4.88%,

6/13/2025

55,000

54,233

Toyota

Motor

Credit

Corp.

,

5.00%,

8/14/2026

255,000

257,629

4.65%,

1/5/2029

230,000

230,953

5.55%,

11/20/2030(c)

150,000

157,525

4,735,414

Containers

&

Packaging

0.5%

Amcor

Flexibles

North

America,

Inc.

,

4.00%,

5/17/2025

185,000

182,262

Sonoco

Products

Co.

,

1.80%,

2/1/2025

460,000

444,276

626,538

Diversified

REITs

0.3%

GLP

Capital

LP

,

5.25%,

6/1/2025

420,000

418,114

Electric

Utilities

4.0%

American

Electric

Power

Co.,

Inc.

,

5.70%,

8/15/2025

150,000

151,153

5.20%,

1/15/2029

325,000

329,958

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Carolinas

LLC

,

4.85%,

1/15/2034

305,000

303,034

Duke

Energy

Corp.

,

4.85%,

1/5/2027

610,000

612,909

Edison

International

,

4.70%,

8/15/2025

300,000

297,351

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)(c)

205,000

211,482

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

490,000

491,985

NextEra

Energy

Capital

Holdings,

Inc.

,

6.05%,

3/1/2025

190,000

191,602

5.75%,

9/1/2025

285,000

287,878

4.90%,

3/15/2029

610,000

611,298

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

100,000

99,804

Southern

California

Edison

Co.

,

5.20%,

6/1/2034

305,000

307,306

Southern

Co.

(The)

,

Series

21-A,

0.60%,

2/26/2024

525,000

523,201

Virginia

Electric

and

Power

Co.

,

5.00%,

1/15/2034

120,000

119,538

Vistra

Operations

Co.

LLC

,

5.13%,

5/13/2025(a)

375,000

371,966

4,910,465

Electronic

Equipment,

Instruments

&

Components

0.2%

Flex

Ltd.

,

6.00%,

1/15/2028

180,000

185,641

Entertainment

0.4%

Take-Two

Interactive

Software,

Inc.

,

3.30%,

3/28/2024

22,000

21,915

4.95%,

3/28/2028

210,000

211,569

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

285,000

273,781

507,265

Financial

Services

2.0%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)

390,000

354,442

Fidelity

National

Information

Services,

Inc.

,

4.50%,

7/15/2025

285,000

283,413

Global

Payments,

Inc.

,

1.50%,

11/15/2024

275,000

266,445

JPMorgan

Chase

Bank

NA

,

5.11%,

12/8/2026

595,000

602,607

National

Rural

Utilities

Cooperative

Finance

Corp.

,

5.60%,

11/13/2026

270,000

276,846

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(d)

375,000

387,157

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Synchrony

Bank

,

5.40%,

8/22/2025

305,000

302,662

2,473,572

Food

Products

1.1%

Bimbo

Bakeries

USA,

Inc.

,

6.05%,

1/15/2029(a)

255,000

265,970

Cargill,

Inc.

,

4.50%,

6/24/2026(a)

100,000

99,862

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026

485,000

490,338

General

Mills,

Inc.

,

4.70%,

1/30/2027

465,000

465,514

1,321,684

Ground

Transportation

0.1%

Penske

Truck

Leasing

Co.

LP

,

4.00%,

7/15/2025(a)

45,000

44,096

5.35%,

1/12/2027(a)

80,000

80,459

124,555

Health

Care

Equipment

&

Supplies

0.3%

GE

HealthCare

Technologies,

Inc.

,

5.55%,

11/15/2024

360,000

360,220

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

6.25%,

2/1/2029(a)

135,000

140,497

Hotels,

Restaurants

&

Leisure

0.4%

Expedia

Group,

Inc.

,

6.25%,

5/1/2025(a)

281,000

283,257

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027

250,000

255,710

538,967

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

,

3.30%,

7/15/2025(a)

315,000

304,753

Industrial

REITs

0.3%

Prologis

LP

,

5.00%,

3/15/2034

305,000

306,387

Insurance

3.2%

Brighthouse

Financial

Global

Funding

,

1.75%,

1/13/2025(a)

375,000

360,717

F&G

Global

Funding

,

5.15%,

7/7/2025(a)

390,000

384,749

GA

Global

Funding

Trust

,

5.50%,

1/8/2029(a)

260,000

261,567

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

695,000

659,731

Jackson

National

Life

Global

Funding

,

1.75%,

1/12/2025(a)

305,000

294,662

MassMutual

Global

Funding

II

,

4.15%,

8/26/2025(a)(c)

202,000

200,232

Mutual

of

Omaha

Cos.

Global

Funding

,

5.80%,

7/27/2026(a)

335,000

341,553

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

New

York

Life

Global

Funding

,

5.00%,

1/9/2034(a)

290,000

290,747

Pricoa

Global

Funding

I

,

5.55%,

8/28/2026(a)

485,000

494,995

Principal

Life

Global

Funding

II

,

5.00%,

1/16/2027(a)(c)

320,000

322,391

RGA

Global

Funding

,

5.50%,

1/11/2031(a)

310,000

310,964

3,922,308

Machinery

0.3%

CNH

Industrial

Capital

LLC

,

5.45%,

10/14/2025

170,000

171,172

Daimler

Truck

Finance

North

America

LLC

,

5.40%,

9/20/2028(a)

205,000

209,656

380,828

Media

0.3%

Charter

Communications

Operating

LLC

,

6.15%,

11/10/2026

335,000

342,198

Metals

&

Mining

0.2%

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)

175,000

184,844

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Starwood

Property

Trust,

Inc.

,

3.75%,

12/31/2024(a)(c)

355,000

346,901

Multi-Utilities

2.0%

Ameren

Corp.

,

5.70%,

12/1/2026

590,000

603,064

CenterPoint

Energy,

Inc.

,

5.25%,

8/10/2026

490,000

497,138

Dominion

Energy,

Inc.

,

3.07%,

8/15/2024(f)

295,000

290,649

DTE

Energy

Co.

,

4.22%,

11/1/2024(f)

375,000

371,076

National

Grid

plc

,

5.42%,

1/11/2034

270,000

270,414

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026

400,000

408,682

2,441,023

Office

REITs

0.3%

Hudson

Pacific

Properties

LP

,

5.95%,

2/15/2028

195,000

184,683

Piedmont

Operating

Partnership

LP

,

9.25%,

7/20/2028

175,000

186,199

370,882

Oil,

Gas

&

Consumable

Fuels

2.8%

BP

Capital

Markets

America,

Inc.

,

4.70%,

4/10/2029

610,000

613,734

Civitas

Resources,

Inc.

,

8.63%,

11/1/2030(a)

205,000

218,645

56

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Crescent

Energy

Finance

LLC

,

9.25%,

2/15/2028(a)

175,000

181,675

Enterprise

Products

Operating

LLC

,

4.85%,

1/31/2034(c)

220,000

220,132

EQT

Corp.

,

6.13%,

2/1/2025(f)

133,000

133,427

Gray

Oak

Pipeline

LLC

,

2.60%,

10/15/2025(a)

75,000

71,751

Kinetik

Holdings

LP

,

6.63%,

12/15/2028(a)

410,000

415,615

Pioneer

Natural

Resources

Co.

,

5.10%,

3/29/2026

460,000

463,178

Sitio

Royalties

Operating

Partnership

LP

,

7.88%,

11/1/2028(a)

305,000

312,770

TransCanada

PipeLines

Ltd.

,

(United

States

SOFR

Compounded

Index

+

1.52%),

6.88%,

3/9/2026(d)

520,000

520,420

Williams

Cos.,

Inc.

(The)

,

5.40%,

3/2/2026

300,000

303,079

3,454,426

Passenger

Airlines

0.3%

Southwest

Airlines

Co.

,

5.25%,

5/4/2025

255,000

255,223

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)

120,000

115,757

370,980

Pharmaceuticals

0.5%

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

390,000

398,858

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027(c)

230,000

222,237

621,095

Real

Estate

Management

&

Development

0.1%

Forestar

Group,

Inc.

,

3.85%,

5/15/2026(a)

155,000

147,230

Residential

REITs

0.2%

Camden

Property

Trust

,

5.85%,

11/3/2026

230,000

236,940

Retail

REITs

0.5%

Realty

Income

Corp.

,

4.75%,

2/15/2029

610,000

608,498

Semiconductors

&

Semiconductor

Equipment

0.3%

Broadcom,

Inc.

,

4.00%,

4/15/2029(a)(c)

245,000

235,831

KLA

Corp.

,

4.70%,

2/1/2034

95,000

94,657

Qorvo,

Inc.

,

1.75%,

12/15/2024

100,000

96,447

426,935

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

0.1%

Crown

Castle,

Inc.

,

5.80%,

3/1/2034

105,000

108,207

Specialty

Retail

0.9%

Advance

Auto

Parts,

Inc.

,

5.90%,

3/9/2026(c)

140,000

139,803

AutoZone,

Inc.

,

5.05%,

7/15/2026

290,000

291,344

Lowe's

Cos.,

Inc.

,

4.40%,

9/8/2025

400,000

397,506

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

270,000

276,678

1,105,331

Textiles,

Apparel

&

Luxury

Goods

0.2%

Tapestry,

Inc.

,

7.35%,

11/27/2028

290,000

303,757

Tobacco

0.3%

Altria

Group,

Inc.

,

6.20%,

11/1/2028(c)

345,000

363,928

Trading

Companies

&

Distributors

1.5%

Air

Lease

Corp.

,

0.70%,

2/15/2024

505,000

504,070

0.80%,

8/18/2024

200,000

194,701

5.10%,

3/1/2029

305,000

303,376

Aircastle

Ltd.

,

2.85%,

1/26/2028(a)(c)

330,000

295,734

5.95%,

2/15/2029(a)

70,000

70,001

TTX

Co.

,

5.50%,

9/25/2026(a)

435,000

441,071

1,808,953

Total

Corporate

Bonds

(cost

$58,314,435)

58,046,540

Mortgage-Backed

Securities

0.4%

FHLMC

Gold

Pool

Pool#

G13746

4.50%,

1/1/2025

5,933

5,909

Pool#

G13888

5.00%,

6/1/2025

35

35

Pool#

J19197

3.00%,

5/1/2027

62,872

61,234

Pool#

C00748

6.00%,

4/1/2029

3,048

3,138

Pool#

C01418

5.50%,

10/1/2032

25,089

25,838

Pool#

G01740

5.50%,

12/1/2034

14,187

14,611

Pool#

G04342

6.00%,

4/1/2038

18,060

18,818

FHLMC

Non

Gold

Pool

Pool#

972136

6.35%,

1/1/2034(b)

16,117

16,345

Pool#

848191

5.96%,

12/1/2034(b)

85,507

84,977

FNMA

Pool#

815323

,

7.37%,

1/1/2035

(b)

21,731

22,002

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

931892

4.50%,

9/1/2024

24,210

24,044

Pool#

AL0802

4.50%,

4/1/2025

4,643

4,609

Pool#

AB2518

4.00%,

3/1/2026

9,710

9,588

Pool#

AB4998

3.00%,

4/1/2027

110,422

107,398

Pool#

190307

8.00%,

6/1/2030

247

259

Pool#

253516

8.00%,

11/1/2030

186

193

Pool#

725773

5.50%,

9/1/2034

31,549

32,447

Pool#

811773

5.50%,

1/1/2035

31,739

32,643

GNMA

Pool#

5080

,

4.00%,

6/20/2026

14,121

13,934

Total

Mortgage-Backed

Securities

(cost

$488,097)

478,022

U.S.

Treasury

Obligations

19.7%

U.S.

Treasury

Notes

5.00%,

10/31/2025

18,450,000

18,659,724

4.25%,

12/31/2025

5,500,000

5,500,430

Total

U.S.

Treasury

Obligations

(cost

$23,961,758)

24,160,154

Short-Term

Investment

1.0%

U.S.

Treasury

Obligation

1.0%

U.S.

Treasury

Bills,

5.31%,

2/29/2024

1,235,000

1,229,949

Total

Short-Term

Investment

(cost

$1,229,931)

1,229,949

Repurchase

Agreement

0.9%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,109,696,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,131,890.

(g)

1,109,532

1,109,532

Total

Repurchase

Agreement

(cost

$1,109,532)

1,109,532

Total

Investments

(cost

$122,013,456)

—

99.2%

121,564,722

Other

assets

in

excess

of

liabilities

—

0.8%

1,031,251

NET

ASSETS

—

100.0%

$

122,595,973

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$45,665,264

which

represents

37.25%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$2,380,215,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,109,532

and

by

$1,590,145

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$2,699,677.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(e)

Security

in

default.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,109,532.

58

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

U.S.

Treasury

10

Year

Note

(40)

3/2024

USD

(4,493,125)

(94,786)

U.S.

Treasury

10

Year

Ultra

Note

(17)

3/2024

USD

(1,986,875)

(13,706)

Net

contracts

(108,492)

As

of

January

31,

2024,

the

Fund

had

$327,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

60

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

29,509,609

$

–

$

29,509,609

Collateralized

Mortgage

Obligations

–

561,200

–

561,200

Commercial

Mortgage-Backed

Securities

–

6,469,716

–

6,469,716

Corporate

Bonds

–

58,046,540

–

58,046,540

Mortgage-Backed

Securities

–

478,022

–

478,022

Repurchase

Agreement

–

1,109,532

–

1,109,532

Short-Term

Investment

–

1,229,949

–

1,229,949

U.S.

Treasury

Obligations

–

24,160,154

–

24,160,154

Total

Assets

$

–

$

121,564,722

$

–

$

121,564,722

Liabilities:

Futures

Contracts

$

(108,492)

$

–

$

–

$

(108,492)

Total

Liabilities

$

(108,492)

$

–

$

–

$

(108,492)

Total

$

(108,492)

$

121,564,722

$

–

$

121,456,230

Nationwide

Loomis

Short

Term

Bond

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Liabilities:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(108,492)

Total

$

(108,492)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.0%

Shares

Value

($)

Automobile

Components

1.3%

Goodyear

Tire

&

Rubber

Co.

(The)*

46,808

652,504

Standard

Motor

Products,

Inc.

10,211

412,014

Superior

Industries

International,

Inc.*

70,279

243,165

1,307,683

Banks

16.5%

1st

Source

Corp.

3,700

193,399

Amalgamated

Financial

Corp.

28,003

743,760

Associated

Banc-Corp.

11,700

245,817

Bancorp,

Inc.

(The)*(a)

3,753

163,781

Bar

Harbor

Bankshares

8,621

226,819

Cadence

Bank

6,641

176,783

Civista

Bancshares,

Inc.

29,666

506,992

CNB

Financial

Corp.

17,240

368,074

Colony

Bankcorp,

Inc.

11,825

144,620

Community

Bank

System,

Inc.

(a)

3,900

178,503

Customers

Bancorp,

Inc.*(a)

13,900

742,816

Financial

Institutions,

Inc.

18,463

385,877

First

Bancshares,

Inc.

(The)

10,995

279,603

First

Horizon

Corp.

38,600

549,664

First

Merchants

Corp.

21,800

737,058

First

of

Long

Island

Corp.

(The)

27,141

326,235

Hancock

Whitney

Corp.

3,600

162,396

Hanmi

Financial

Corp.

35,623

596,685

Home

Bancorp,

Inc.

6,431

256,082

Home

BancShares,

Inc.(a)

8,000

187,520

Independent

Bank

Corp.

15,960

406,022

International

Bancshares

Corp.

15,200

803,472

MidWestOne

Financial

Group,

Inc.

12,857

327,853

Northrim

Bancorp,

Inc.

9,600

485,088

OceanFirst

Financial

Corp.

43,695

752,865

OFG

Bancorp

5,111

187,931

Old

National

Bancorp

23,300

383,751

Orrstown

Financial

Services,

Inc.

16,026

443,600

Pacific

Premier

Bancorp,

Inc.

7,100

180,127

Pinnacle

Financial

Partners,

Inc.

1,700

150,246

Renasant

Corp.

6,100

192,943

S&T

Bancorp,

Inc.

3,502

116,757

Shore

Bancshares,

Inc.

40,887

529,078

SmartFinancial,

Inc.

13,653

317,569

SouthState

Corp.

4,355

361,901

Third

Coast

Bancshares,

Inc.*

16,139

306,641

TriCo

Bancshares

2,784

101,198

UMB

Financial

Corp.

9,916

818,070

Univest

Financial

Corp.

11,856

251,821

Virginia

National

Bankshares

Corp.

11,074

365,553

Westamerica

Bancorp

12,404

591,919

Western

Alliance

Bancorp

2,300

147,108

WSFS

Financial

Corp.

11,500

511,865

Zions

Bancorp

NA

4,416

185,030

16,090,892

Biotechnology

3.0%

89bio,

Inc.*

8,792

87,041

Common

Stocks

Shares

Value

($)

Biotechnology

ACADIA

Pharmaceuticals,

Inc.*

3,500

90,685

ADMA

Biologics,

Inc.*

24,400

126,636

Alkermes

plc*

6,462

174,797

Arcturus

Therapeutics

Holdings,

Inc.*

2,300

75,831

Avidity

Biosciences,

Inc.*

8,900

108,847

Crinetics

Pharmaceuticals,

Inc.*

2,106

76,827

Cullinan

Oncology,

Inc.*

8,379

126,858

Entrada

Therapeutics,

Inc.*(a)

3,900

56,823

Halozyme

Therapeutics,

Inc.*

1,300

44,005

Immunovant,

Inc.*

6,300

229,383

Inozyme

Pharma,

Inc.*(a)

24,300

133,650

Intellia

Therapeutics,

Inc.*

3,200

76,224

Iovance

Biotherapeutics,

Inc.*(a)

12,700

98,171

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

9,400

133,386

Janux

Therapeutics,

Inc.*

7,400

63,344

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

3,154

55,605

Krystal

Biotech,

Inc.*(a)

600

66,750

Larimar

Therapeutics,

Inc.*

7,800

45,162

Nkarta,

Inc.*(a)

7,904

71,452

Olema

Pharmaceuticals,

Inc.*

8,800

114,752

Organogenesis

Holdings,

Inc.,

Class

A*

35,900

118,470

Ovid

therapeutics,

Inc.*

12,600

48,762

Protalix

BioTherapeutics,

Inc.*(a)

35,978

52,168

Tenaya

Therapeutics,

Inc.*

32,900

138,345

Veracyte,

Inc.*

4,900

122,598

Voyager

Therapeutics,

Inc.*

13,700

99,599

XOMA

Corp.*(a)

5,536

110,554

Y-mAbs

Therapeutics,

Inc.*(a)

16,900

216,151

2,962,876

Broadline

Retail

0.1%

Savers

Value

Village,

Inc.*

6,600

123,354

Building

Products

3.1%

Gibraltar

Industries,

Inc.*

8,500

687,820

Griffon

Corp.

10,817

630,199

JELD-WEN

Holding,

Inc.*

38,500

716,100

Masonite

International

Corp.*

3,997

367,924

Resideo

Technologies,

Inc.*(a)

37,903

635,633

3,037,676

Capital

Markets

0.4%

Virtu

Financial,

Inc.,

Class

A

24,500

411,355

Chemicals

1.6%

Avient

Corp.

7,380

267,230

Element

Solutions,

Inc.

9,100

202,293

Hawkins,

Inc.(a)

3,700

246,309

Orion

SA

26,400

591,360

Trinseo

plc

37,532

226,318

1,533,510

Commercial

Services

&

Supplies

2.3%

ABM

Industries,

Inc.

2,200

89,738

BrightView

Holdings,

Inc.*

31,300

279,509

CECO

Environmental

Corp.*

12,287

237,508

Deluxe

Corp.

32,726

618,849

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Matthews

International

Corp.,

Class

A(a)

17,700

582,330

MillerKnoll,

Inc.

14,078

374,334

Viad

Corp.*

2,711

89,625

2,271,893

Communications

Equipment

1.2%

Applied

Optoelectronics,

Inc.*(a)

15,800

248,534

Aviat

Networks,

Inc.*

7,800

232,674

Ciena

Corp.*

1,800

95,400

CommScope

Holding

Co.,

Inc.*

95,500

221,560

NETGEAR,

Inc.*

12,026

170,769

Ribbon

Communications,

Inc.*

66,554

202,324

1,171,261

Construction

&

Engineering

0.7%

Limbach

Holdings,

Inc.*

1,707

73,401

MDU

Resources

Group,

Inc.

20,688

403,623

Sterling

Infrastructure,

Inc.*

2,900

217,790

694,814

Consumer

Finance

1.7%

Ally

Financial,

Inc.

15,085

553,318

Green

Dot

Corp.,

Class

A*

72,100

649,621

OneMain

Holdings,

Inc.

9,500

452,200

1,655,139

Consumer

Staples

Distribution

&

Retail

0.7%

Andersons,

Inc.

(The)(a)

10,400

548,184

Village

Super

Market,

Inc.,

Class

A

5,689

144,671

692,855

Containers

&

Packaging

2.6%

Berry

Global

Group,

Inc.

3,700

242,202

Greif,

Inc.,

Class

A

9,500

594,795

O-I

Glass,

Inc.*

40,758

593,436

Pactiv

Evergreen,

Inc.

47,500

693,500

Sonoco

Products

Co.

7,700

438,130

2,562,063

Diversified

Consumer

Services

1.5%

Adtalem

Global

Education,

Inc.*

3,686

186,070

American

Public

Education,

Inc.*

26,097

276,106

Graham

Holdings

Co.,

Class

B

853

614,501

Laureate

Education,

Inc.

10,400

131,248

OneSpaWorld

Holdings

Ltd.*(a)

17,900

243,977

1,451,902

Diversified

REITs

0.7%

Essential

Properties

Realty

Trust,

Inc.

29,173

726,699

Diversified

Telecommunication

Services

0.5%

Liberty

Latin

America

Ltd.,

Class

A*

71,600

504,064

Electric

Utilities

0.8%

ALLETE,

Inc.

3,900

230,529

Genie

Energy

Ltd.,

Class

B

19,035

354,241

Common

Stocks

Shares

Value

($)

Electric

Utilities

Via

Renewables,

Inc.,

Class

A

17,665

187,426

772,196

Electrical

Equipment

2.0%

American

Superconductor

Corp.*

18,738

206,118

Atkore,

Inc.*(a)

4,300

655,879

EnerSys

6,547

625,697

Powell

Industries,

Inc.

2,261

267,996

Ultralife

Corp.*

26,105

184,562

1,940,252

Electronic

Equipment,

Instruments

&

Components

1.8%

Bel

Fuse,

Inc.,

Class

B

3,138

209,806

Benchmark

Electronics,

Inc.

9,951

269,871

Celestica,

Inc.*

11,340

389,642

IPG

Photonics

Corp.*

1,318

129,019

ScanSource,

Inc.*

3,903

153,232

SigmaTron

International,

Inc.*

44,954

142,954

TTM

Technologies,

Inc.*(a)

32,214

448,097

1,742,621

Energy

Equipment

&

Services

1.8%

Helix

Energy

Solutions

Group,

Inc.*(a)

26,400

248,160

Liberty

Energy,

Inc.,

Class

A(a)

26,236

545,447

Profire

Energy,

Inc.*

135,560

208,762

ProPetro

Holding

Corp.*

82,800

700,488

1,702,857

Financial

Services

3.4%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

10,900

262,145

Enact

Holdings,

Inc.

10,400

296,296

Essent

Group

Ltd.(a)

3,900

215,124

EVERTEC,

Inc.

7,475

300,196

Flywire

Corp.*

4,800

102,576

Jackson

Financial,

Inc.,

Class

A

4,300

215,301

MGIC

Investment

Corp.(a)

25,640

508,698

Mr.

Cooper

Group,

Inc.*

6,100

410,896

NMI

Holdings,

Inc.,

Class

A*

9,800

312,816

Radian

Group,

Inc.(a)

8,200

237,636

Repay

Holdings

Corp.,

Class

A*

23,400

183,456

Velocity

Financial,

Inc.*

15,180

239,085

3,284,225

Food

Products

1.7%

Dole

plc

21,300

240,477

Ingredion,

Inc.

5,600

602,392

John

B

Sanfilippo

&

Son,

Inc.

4,029

431,627

Lifeway

Foods,

Inc.*

8,766

109,137

Whole

Earth

Brands,

Inc.*

73,778

293,636

1,677,269

Gas

Utilities

1.0%

Brookfield

Infrastructure

Corp.,

Class

A

7,300

255,573

National

Fuel

Gas

Co.

1,000

47,160

Spire,

Inc.(a)

1,500

85,155

UGI

Corp.

25,700

568,998

956,886

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Ground

Transportation

0.1%

Covenant

Logistics

Group,

Inc.,

Class

A

1,561

75,459

Health

Care

Equipment

&

Supplies

1.3%

Bioventus,

Inc.,

Class

A*(a)

51,177

222,108

Haemonetics

Corp.*

1,950

149,097

Merit

Medical

Systems,

Inc.*(a)

2,453

192,070

SI-BONE,

Inc.*

6,566

132,699

Surmodics,

Inc.*

6,169

217,211

Tactile

Systems

Technology,

Inc.*

9,148

138,775

Zimvie,

Inc.*

14,300

249,964

1,301,924

Health

Care

Providers

&

Services

2.1%

Encompass

Health

Corp.

2,100

149,184

Owens

&

Minor,

Inc.*

21,788

429,441

PetIQ,

Inc.,

Class

A*

7,195

129,294

Premier,

Inc.,

Class

A

18,300

395,646

Tenet

Healthcare

Corp.*

8,696

719,507

Viemed

Healthcare,

Inc.*

32,022

260,019

2,083,091

Health

Care

REITs

0.3%

Sabra

Health

Care

REIT,

Inc.

18,062

240,947

Health

Care

Technology

0.2%

HealthStream,

Inc.

7,180

191,132

Hotel

&

Resort

REITs

1.5%

Apple

Hospitality

REIT,

Inc.

14,694

235,986

DiamondRock

Hospitality

Co.

70,911

648,126

Park

Hotels

&

Resorts,

Inc.

37,600

567,008

1,451,120

Hotels,

Restaurants

&

Leisure

0.7%

Denny's

Corp.*

21,563

229,215

Travel

+

Leisure

Co.(a)

11,600

468,872

698,087

Household

Durables

4.1%

Green

Brick

Partners,

Inc.*

8,693

453,514

Hooker

Furnishings

Corp.(a)

10,200

235,416

KB

Home

8,100

482,679

Landsea

Homes

Corp.*

16,786

211,336

M/I

Homes,

Inc.*

5,600

713,552

Meritage

Homes

Corp.

2,495

413,197

Skyline

Champion

Corp.*

1,857

127,167

Taylor

Morrison

Home

Corp.,

Class

A*

12,300

641,322

Tri

Pointe

Homes,

Inc.*

20,033

691,739

3,969,922

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Ormat

Technologies,

Inc.(a)

3,400

219,912

Industrial

REITs

1.1%

First

Industrial

Realty

Trust,

Inc.

14,400

741,888

LXP

Industrial

Trust

20,400

185,436

Terreno

Realty

Corp.

2,448

146,219

1,073,543

Insurance

2.1%

Axis

Capital

Holdings

Ltd.

6,200

369,024

Common

Stocks

Shares

Value

($)

Insurance

CNO

Financial

Group,

Inc.

23,700

644,166

Fidelis

Insurance

Holdings

Ltd.*

19,500

253,890

Lincoln

National

Corp.

5,200

142,740

Reinsurance

Group

of

America,

Inc.

2,300

399,947

Universal

Insurance

Holdings,

Inc.

11,800

196,116

2,005,883

Interactive

Media

&

Services

0.6%

Vimeo,

Inc.*

117,500

466,475

Ziff

Davis,

Inc.*

1,840

124,016

590,491

IT

Services

0.3%

Hackett

Group,

Inc.

(The)

10,500

242,760

Life

Sciences

Tools

&

Services

0.2%

Medpace

Holdings,

Inc.*

300

87,474

Quanterix

Corp.*

4,200

92,778

180,252

Machinery

2.3%

Columbus

McKinnon

Corp.

6,600

257,862

Flowserve

Corp.

8,300

331,419

Gates

Industrial

Corp.

plc*

30,824

397,013

Hillman

Solutions

Corp.*

23,300

204,807

Miller

Industries,

Inc.

3,748

150,857

Park-Ohio

Holdings

Corp.

9,399

232,531

Terex

Corp.(a)

11,151

685,006

2,259,495

Marine

Transportation

0.2%

Pangaea

Logistics

Solutions

Ltd.

16,976

158,216

Media

1.2%

Advantage

Solutions,

Inc.*

76,000

306,280

Entravision

Communications

Corp.,

Class

A

62,017

249,928

TEGNA,

Inc.

25,008

389,875

Townsquare

Media,

Inc.,

Class

A

23,348

250,758

1,196,841

Metals

&

Mining

0.9%

Commercial

Metals

Co.

2,000

104,440

Olympic

Steel,

Inc.

2,261

152,798

Ryerson

Holding

Corp.

8,896

305,311

Schnitzer

Steel

Industries,

Inc.,

Class

A

7,300

192,209

TimkenSteel

Corp.*

7,400

152,070

906,828

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2.2%

Arbor

Realty

Trust,

Inc.

22,039

293,119

BrightSpire

Capital,

Inc.,

Class

A

81,124

580,036

Redwood

Trust,

Inc.

89,500

600,545

Starwood

Property

Trust,

Inc.

33,800

687,154

2,160,854

Multi-Utilities

0.8%

Black

Hills

Corp.

11,601

600,468

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

Common

Stocks

Shares

Value

($)

Multi-Utilities

Northwestern

Energy

Group,

Inc.

3,400

163,608

764,076

Office

REITs

0.6%

COPT

Defense

Properties

13,700

322,772

Cousins

Properties,

Inc.

10,472

239,914

562,686

Oil,

Gas

&

Consumable

Fuels

7.5%

Ardmore

Shipping

Corp.

16,939

280,679

Chord

Energy

Corp.

2,900

445,904

CNX

Resources

Corp.*(a)

12,000

242,400

Delek

US

Holdings,

Inc.

17,511

473,322

Dorian

LPG

Ltd.

8,100

303,264

Encore

Energy

Corp.*(a)

26,600

122,626

Excelerate

Energy,

Inc.,

Class

A

8,700

133,284

International

Seaways,

Inc.

8,514

456,691

Matador

Resources

Co.

6,892

378,302

Murphy

Oil

Corp.

16,487

638,047

Par

Pacific

Holdings,

Inc.*

18,300

669,597

PBF

Energy,

Inc.,

Class

A

12,115

611,929

Permian

Resources

Corp.,

Class

A

15,000

202,200

Scorpio

Tankers,

Inc.

9,900

699,930

SM

Energy

Co.

9,700

359,676

Teekay

Corp.*

29,802

267,920

Teekay

Tankers

Ltd.,

Class

A

12,114

757,731

Uranium

Royalty

Corp.*

77,549

262,115

7,305,617

Passenger

Airlines

0.9%

Copa

Holdings

SA,

Class

A

6,200

595,572

SkyWest,

Inc.*

5,800

308,908

904,480

Personal

Care

Products

0.6%

Edgewell

Personal

Care

Co.(a)

12,979

480,872

Nature's

Sunshine

Products,

Inc.*

7,961

138,601

619,473

Pharmaceuticals

1.1%

Amphastar

Pharmaceuticals,

Inc.*(a)

1,600

85,376

Amylyx

Pharmaceuticals,

Inc.*

7,000

112,000

ANI

Pharmaceuticals,

Inc.*

2,000

111,640

Collegium

Pharmaceutical,

Inc.*

3,388

111,669

Cymabay

Therapeutics,

Inc.*

4,600

108,146

Eton

Pharmaceuticals,

Inc.*

22,639

105,724

Evolus,

Inc.*

5,300

67,257

EyePoint

Pharmaceuticals,

Inc.*

2,999

80,763

Harmony

Biosciences

Holdings,

Inc.*

3,500

110,390

Intra-Cellular

Therapies,

Inc.*

1,600

107,744

Mind

Medicine

MindMed,

Inc.*

24,100

93,026

1,093,735

Professional

Services

1.4%

Alight,

Inc.,

Class

A*

31,000

276,520

Heidrick

&

Struggles

International,

Inc.

8,800

263,736

Common

Stocks

Shares

Value

($)

Professional

Services

ICF

International,

Inc.

1,200

166,848

Kelly

Services,

Inc.,

Class

A

7,474

153,591

Mistras

Group,

Inc.*

35,691

277,319

Willdan

Group,

Inc.*

12,300

235,422

1,373,436

Real

Estate

Management

&

Development

1.2%

Douglas

Elliman,

Inc.

4,100

8,856

Howard

Hughes

Holdings,

Inc.*

4,500

360,360

LuxUrban

Hotels,

Inc.*

27,321

113,655

Newmark

Group,

Inc.,

Class

A

62,601

635,400

1,118,271

Residential

REITs

0.2%

Independence

Realty

Trust,

Inc.

13,215

194,128

Retail

REITs

3.2%

Getty

Realty

Corp.

17,700

489,582

Kite

Realty

Group

Trust

32,900

704,060

Macerich

Co.

(The)

10,300

162,637

SITE

Centers

Corp.

54,000

719,280

Tanger,

Inc.

14,900

400,810

Urban

Edge

Properties

37,200

642,444

3,118,813

Semiconductors

&

Semiconductor

Equipment

1.2%

ACM

Research,

Inc.,

Class

A*

12,281

211,479

Amkor

Technology,

Inc.

8,740

276,708

Photronics,

Inc.*

8,300

242,526

Power

Integrations,

Inc.

2,400

179,904

SMART

Global

Holdings,

Inc.*(a)

13,629

267,810

1,178,427

Software

2.5%

Blackbaud,

Inc.*

1,800

145,656

OneSpan,

Inc.*

24,200

248,292

RingCentral,

Inc.,

Class

A*

19,000

643,910

SentinelOne,

Inc.,

Class

A*

6,500

174,200

Sprout

Social,

Inc.,

Class

A*(a)

3,300

202,389

Teradata

Corp.*

13,200

609,576

Viant

Technology,

Inc.,

Class

A*

37,672

322,849

Weave

Communications,

Inc.*

9,200

115,368

2,462,240

Specialized

REITs

1.1%

EPR

Properties

4,200

185,934

Farmland

Partners,

Inc.

20,500

230,010

Uniti

Group,

Inc.

117,431

617,687

1,033,631

Specialty

Retail

2.1%

Abercrombie

&

Fitch

Co.,

Class

A*

1,800

183,420

AutoNation,

Inc.*(a)

700

97,762

Boot

Barn

Holdings,

Inc.*(a)

2,688

192,837

Caleres,

Inc.

8,400

263,508

Group

1

Automotive,

Inc.

1,300

338,078

Hibbett,

Inc.

3,649

243,206

ODP

Corp.

(The)*

2,299

117,571

Signet

Jewelers

Ltd.

2,500

248,700

Urban

Outfitters,

Inc.*

3,700

140,600

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Specialty

Retail

Winmark

Corp.

671

242,009

2,067,691

Technology

Hardware,

Storage

&

Peripherals

0.4%

IonQ,

Inc.*(a)

12,600

129,402

Turtle

Beach

Corp.*

19,664

223,580

352,982

Trading

Companies

&

Distributors

2.2%

Boise

Cascade

Co.

3,156

427,512

GMS,

Inc.*

5,066

426,354

MRC

Global,

Inc.*

60,410

643,971

WESCO

International,

Inc.

3,935

682,801

2,180,638

Total

Common

Stocks

(cost

$81,011,520)

96,611,423

Exchange

Traded

Funds

0.5%

Equity

Funds  0.5%

Invesco

S&P

SmallCap

600

Pure

Value

ETF

1,100

111,540

Vanguard

Small-Cap

Value

ETF

2,400

421,152

532,692

Total

Exchange

Traded

Funds

(cost

$523,187)

532,692

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Akouos,

Inc.,

CVR*^∞(a)

21,302

0

Chinook

Therapeutics,

Inc.,

CVR*^∞

1,992

0

0

Diversified

Consumer

Services

0.0%

†

Jounce

Therapeutics,

Inc.

CVR*^∞

90,200

0

Total

Rights

(cost

$16,828)

0

Repurchase

Agreements

2.5%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,940,194,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,978,998.(b)

1,939,908

1,939,908

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Natixis

Securities

Americas

LLC,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$467,421,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

4.13%,

maturing

2/15/2024

-

2/15/2033;

total

market

value

$476,769.(b)

467,352

467,352

Total

Repurchase

Agreements

(cost

$2,407,260)

2,407,260

Total

Investments

(cost

$83,958,795)

—

102.0%

99,551,375

Liabilities

in

excess

of

other

assets

—

(2.0)%

(1,958,023)

NET

ASSETS

—

100.0%

$

97,593,352

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$6,578,969,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,407,260

and

by

$4,659,841

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$7,067,101.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$2,407,260.

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

Cognitive

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Bailard

Cognitive

Value

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

96,611,423

$

–

$

–

$

96,611,423

Exchange

Traded

Funds

532,692

–

–

532,692

Repurchase

Agreements

–

2,407,260

–

2,407,260

Rights

–

–

–

–

Total

$

97,144,115

$

2,407,260

$

–

$

99,551,375

As

of

January

31,

2024,

the

fund

held

three

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

Common

Stocks

99

.5

%

Shares

Value

($)

Biotechnology

1

.1

%

Vertex

Pharmaceuticals,

Inc.*

4,300

1,863,534

Broadline

Retail

3

.8

%

Amazon.com,

Inc.*

41,515

6,443,128

Electronic

Equipment,

Instruments

&

Components

3

.5

%

Insight

Enterprises,

Inc.*

23,918

4,418,612

TE

Connectivity

Ltd.

10,580

1,504,370

5,922,982

Financial

Services

3

.7

%

Fiserv,

Inc.*

13,100

1,858,497

Shift4

Payments,

Inc.,

Class

A*(a)

17,300

1,242,313

Visa,

Inc.,

Class

A(a)

11,095

3,031,820

6,132,630

Ground

Transportation

2

.9

%

Uber

Technologies,

Inc.*

75,145

4,904,714

Health

Care

Equipment

&

Supplies

2

.1

%

Dexcom,

Inc.*

15,545

1,886,386

Merit

Medical

Systems,

Inc.*(a)

19,680

1,540,944

3,427,330

Household

Durables

1

.4

%

Sony

Group

Corp.,

ADR-JP(a)

24,410

2,386,077

Interactive

Media

&

Services

9

.1

%

Alphabet,

Inc.,

Class

A*

36,630

5,131,863

Meta

Platforms,

Inc.,

Class

A*

22,220

8,668,911

ZoomInfo

Technologies,

Inc.,

Class

A*

89,500

1,435,580

15,236,354

IT

Services

2

.4

%

Shopify,

Inc.,

Class

A*

28,800

2,306,016

Snowflake,

Inc.,

Class

A*

9,070

1,774,455

4,080,471

Life

Sciences

Tools

&

Services

1

.0

%

Danaher

Corp.

6,775

1,625,390

Pharmaceuticals

0

.6

%

Intra-Cellular

Therapies,

Inc.*

15,480

1,042,423

Professional

Services

1

.1

%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

13,548

1,907,152

Semiconductors

&

Semiconductor

Equipment

28

.9

%

Advanced

Micro

Devices,

Inc.*

15,630

2,620,995

KLA

Corp.

12,760

7,579,950

Lam

Research

Corp.

7,200

5,941,224

Micron

Technology,

Inc.

43,543

3,733,812

NVIDIA

Corp.

24,435

15,034,122

NXP

Semiconductors

NV

15,945

3,357,539

QUALCOMM,

Inc.

31,445

4,669,897

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

36,190

4,088,022

Texas

Instruments,

Inc.

8,580

1,373,830

48,399,391

Software

33

.0

%

Adobe,

Inc.*

10,164

6,279,116

Braze,

Inc.,

Class

A*

31,573

1,706,521

Common

Stocks

Shares

Value

($)

Software

Cadence

Design

Systems,

Inc.*

16,515

4,763,917

Crowdstrike

Holdings,

Inc.,

Class

A*

6,650

1,945,125

Datadog,

Inc.,

Class

A*

20,955

2,607,640

HubSpot,

Inc.*

5,440

3,323,840

Intuit,

Inc.

6,380

4,027,885

Microsoft

Corp.

44,400

17,652,552

Palo

Alto

Networks,

Inc.*

11,095

3,755,769

ServiceNow,

Inc.*

5,190

3,972,426

Sprout

Social,

Inc.,

Class

A*(a)

33,027

2,025,546

Varonis

Systems,

Inc.,

Class

B*

73,040

3,278,035

55,338,372

Technology

Hardware,

Storage

&

Peripherals

4

.9

%

Apple,

Inc.

31,053

5,726,173

Pure

Storage,

Inc.,

Class

A*(a)

63,780

2,550,562

8,276,735

Total

Common

Stocks

(cost

$52,285,150)

166,986,683

Repurchase

Agreement

1

.7

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,805,371,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$2,861,478.(b)

2,804,957

2,804,957

Total

Repurchase

Agreement

(cost

$2,804,957)

2,804,957

Total

Investments

(cost

$55,090,107)

—

101.2%

169,791,640

Liabilities

in

excess

of

other

assets

—

(1.2)%

(

2,050,619

)

NET

ASSETS

—

100.0%

$

167,741,021

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$7,623,047,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,804,957

and

by

$5,149,304

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$7,954,261.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$2,804,957.

ADR

American

Depositary

Receipt

JP

Japan

TW

Taiwan

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

Technology

&

Science

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Bailard

Technology

&

Science

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

166,986,683

$

–

$

–

$

166,986,683

Repurchase

Agreement

–

2,804,957

–

2,804,957

Total

$

166,986,683

$

2,804,957

$

–

$

169,791,640

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

87.7%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Axon

Enterprise,

Inc.*

1,950

485,667

Boeing

Co.

(The)*

15,376

3,244,951

General

Dynamics

Corp.

6,167

1,634,193

Howmet

Aerospace,

Inc.

10,828

609,183

Huntington

Ingalls

Industries,

Inc.

1,131

292,839

L3Harris

Technologies,

Inc.

5,193

1,082,325

Lockheed

Martin

Corp.

5,970

2,563,578

Northrop

Grumman

Corp.

3,833

1,712,431

RTX

Corp.

38,879

3,542,654

Textron,

Inc.

5,381

455,825

TransDigm

Group,

Inc.

1,504

1,643,391

17,267,037

Air

Freight

&

Logistics

0.4%

CH

Robinson

Worldwide,

Inc.

3,071

258,240

Expeditors

International

of

Washington,

Inc.

3,991

504,183

FedEx

Corp.

6,229

1,502,996

United

Parcel

Service,

Inc.,

Class

B

19,556

2,774,996

5,040,415

Automobile

Components

0.1%

Aptiv

plc*

7,509

610,707

BorgWarner,

Inc.

6,431

218,011

828,718

Automobiles

1.3%

Ford

Motor

Co.(a)

107,662

1,261,799

General

Motors

Co.(a)

36,778

1,426,986

Tesla,

Inc.*

74,918

14,031,392

16,720,177

Banks

2.9%

Bank

of

America

Corp.

186,824

6,353,884

Citigroup,

Inc.

51,749

2,906,741

Citizens

Financial

Group,

Inc.

12,804

418,691

Comerica,

Inc.

3,473

182,610

Fifth

Third

Bancorp

18,573

635,939

Huntington

Bancshares,

Inc.

38,834

494,357

JPMorgan

Chase

&

Co.

78,313

13,654,655

KeyCorp

25,703

373,465

M&T

Bank

Corp.

4,568

630,841

PNC

Financial

Services

Group,

Inc.

(The)

10,904

1,648,794

Regions

Financial

Corp.

25,768

481,089

Truist

Financial

Corp.

36,296

1,345,130

US

Bancorp

42,012

1,745,178

Wells

Fargo

&

Co.

98,195

4,927,425

Zions

Bancorp

NA

3,716

155,700

35,954,499

Beverages

1.3%

Brown-Forman

Corp.,

Class

B(a)

4,882

268,022

Coca-Cola

Co.

(The)

105,570

6,280,359

Constellation

Brands,

Inc.,

Class

A

4,429

1,085,459

Keurig

Dr

Pepper,

Inc.

26,953

847,403

Molson

Coors

Beverage

Co.,

Class

B

4,757

293,935

Monster

Beverage

Corp.*

20,208

1,111,844

Common

Stocks

Shares

Value

($)

Beverages

PepsiCo,

Inc.

37,174

6,264,934

16,151,956

Biotechnology

1.8%

AbbVie,

Inc.

47,872

7,870,157

Amgen,

Inc.

14,470

4,547,342

Biogen,

Inc.*

3,949

974,060

Gilead

Sciences,

Inc.

33,691

2,636,658

Incyte

Corp.*

5,096

299,492

Moderna,

Inc.*(a)

8,970

906,419

Regeneron

Pharmaceuticals,

Inc.*

2,917

2,750,089

Vertex

Pharmaceuticals,

Inc.*

6,967

3,019,358

23,003,575

Broadline

Retail

3.1%

Amazon.com,

Inc.*

246,341

38,232,123

eBay,

Inc.

14,248

585,165

Etsy,

Inc.*(a)

3,090

205,671

39,022,959

Building

Products

0.4%

A

O

Smith

Corp.

3,140

243,696

Allegion

plc

2,492

308,734

Builders

FirstSource,

Inc.*

3,388

588,597

Carrier

Global

Corp.

22,820

1,248,482

Johnson

Controls

International

plc

18,458

972,552

Masco

Corp.

5,845

393,310

Trane

Technologies

plc

6,226

1,569,263

5,324,634

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

2,778

1,074,614

Bank

of

New

York

Mellon

Corp.

(The)

20,231

1,122,011

BlackRock,

Inc.

3,781

2,927,666

Blackstone,

Inc.

19,212

2,390,933

Cboe

Global

Markets,

Inc.

2,846

523,237

Charles

Schwab

Corp.

(The)

40,239

2,531,838

CME

Group,

Inc.

9,725

2,001,794

FactSet

Research

Systems,

Inc.

1,047

498,288

Franklin

Resources,

Inc.

7,739

206,090

Goldman

Sachs

Group,

Inc.

(The)

8,818

3,386,200

Intercontinental

Exchange,

Inc.(a)

15,602

1,986,603

Invesco

Ltd.

11,223

177,660

MarketAxess

Holdings,

Inc.

1,068

240,845

Moody's

Corp.

4,238

1,661,466

Morgan

Stanley

34,172

2,981,165

MSCI,

Inc.,

Class

A

2,139

1,280,448

Nasdaq,

Inc.

9,053

522,992

Northern

Trust

Corp.

5,493

437,462

Raymond

James

Financial,

Inc.

5,112

563,240

S&P

Global,

Inc.

8,761

3,927,994

State

Street

Corp.

8,472

625,827

T.

Rowe

Price

Group,

Inc.(a)

6,135

665,341

31,733,714

Chemicals

1.3%

Air

Products

&

Chemicals,

Inc.

6,079

1,554,461

Albemarle

Corp.

3,146

360,972

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

Chemicals

Celanese

Corp.,

Class

A(a)

2,654

388,254

CF

Industries

Holdings,

Inc.

5,181

391,217

Corteva,

Inc.

18,805

855,251

Dow,

Inc.

18,814

1,008,430

DuPont

de

Nemours,

Inc.

11,806

729,611

Eastman

Chemical

Co.

3,370

281,563

Ecolab,

Inc.

6,958

1,379,215

FMC

Corp.

3,118

175,232

International

Flavors

&

Fragrances,

Inc.

6,782

547,172

Linde

plc

13,111

5,307,726

LyondellBasell

Industries

NV,

Class

A

7,033

661,946

Mosaic

Co.

(The)

8,555

262,724

PPG

Industries,

Inc.

6,363

897,438

Sherwin-Williams

Co.

(The)

6,367

1,937,987

16,739,199

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

2,331

1,409,253

Copart,

Inc.*

23,541

1,130,909

Republic

Services,

Inc.,

Class

A

5,568

952,796

Rollins,

Inc.

7,858

340,330

Veralto

Corp.

6,014

461,214

Waste

Management,

Inc.

10,000

1,856,300

6,150,802

Communications

Equipment

0.7%

Arista

Networks,

Inc.*

6,886

1,781,271

Cisco

Systems,

Inc.

109,954

5,517,492

F5,

Inc.*

1,622

297,961

Juniper

Networks,

Inc.

8,638

319,260

Motorola

Solutions,

Inc.

4,488

1,433,916

9,349,900

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.(a)

3,905

757,765

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

1,694

861,264

Vulcan

Materials

Co.

3,618

817,704

1,678,968

Consumer

Finance

0.5%

American

Express

Co.

15,686

3,148,808

Capital

One

Financial

Corp.

10,225

1,383,647

Discover

Financial

Services

6,778

715,214

Synchrony

Financial

11,469

445,800

5,693,469

Consumer

Staples

Distribution

&

Retail

1.6%

Costco

Wholesale

Corp.

12,003

8,340,645

Dollar

General

Corp.

5,838

771,025

Dollar

Tree,

Inc.*

5,662

739,570

Kroger

Co.

(The)

17,818

822,123

Sysco

Corp.

13,436

1,087,375

Target

Corp.

12,438

1,729,877

Walgreens

Boots

Alliance,

Inc.

19,685

444,290

Walmart,

Inc.

38,571

6,373,858

20,308,763

Containers

&

Packaging

0.2%

Amcor

plc

39,992

377,125

Avery

Dennison

Corp.

2,243

447,366

Ball

Corp.(a)

8,234

456,575

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

International

Paper

Co.

9,043

324,011

Packaging

Corp.

of

America

2,516

417,354

Westrock

Co.

6,550

263,703

2,286,134

Distributors

0.1%

Genuine

Parts

Co.

3,797

532,453

LKQ

Corp.

7,197

335,884

Pool

Corp.(a)

1,046

388,328

1,256,665

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

194,648

3,443,323

Verizon

Communications,

Inc.

113,673

4,814,052

8,257,375

Electric

Utilities

1.3%

Alliant

Energy

Corp.

7,120

346,459

American

Electric

Power

Co.,

Inc.

14,115

1,102,946

Constellation

Energy

Corp.

8,636

1,053,592

Duke

Energy

Corp.(a)

20,830

1,996,139

Edison

International

10,247

691,467

Entergy

Corp.(a)

5,805

579,107

Evergy,

Inc.

6,458

327,873

Eversource

Energy

9,378

508,475

Exelon

Corp.

26,478

921,699

FirstEnergy

Corp.

14,170

519,756

NextEra

Energy,

Inc.

55,570

3,258,069

NRG

Energy,

Inc.(a)

6,224

330,121

PG&E

Corp.

58,208

981,969

Pinnacle

West

Capital

Corp.

2,943

202,773

PPL

Corp.

19,704

516,245

Southern

Co.

(The)(a)

29,489

2,050,075

Xcel

Energy,

Inc.

14,918

893,141

16,279,906

Electrical

Equipment

0.5%

AMETEK,

Inc.

6,257

1,013,947

Eaton

Corp.

plc

10,797

2,656,926

Emerson

Electric

Co.

15,339

1,407,047

Generac

Holdings,

Inc.*

1,543

175,393

Hubbell,

Inc.,

Class

B

1,474

494,630

Rockwell

Automation,

Inc.

3,148

797,325

6,545,268

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A(a)

16,276

1,645,504

CDW

Corp.

3,681

834,556

Corning,

Inc.

20,785

675,305

Jabil,

Inc.(a)

3,513

440,144

Keysight

Technologies,

Inc.*

4,835

741,012

TE

Connectivity

Ltd.

8,317

1,182,594

Teledyne

Technologies,

Inc.*

1,296

542,337

Trimble,

Inc.*

6,785

345,085

Zebra

Technologies

Corp.,

Class

A*

1,444

345,910

6,752,447

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.,

Class

A

27,503

783,835

Halliburton

Co.

23,781

847,793

Schlumberger

NV

39,025

1,900,518

3,532,146

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Entertainment

1.1%

Electronic

Arts,

Inc.

6,719

924,400

Live

Nation

Entertainment,

Inc.*

3,750

333,187

Netflix,

Inc.*

11,879

6,701,063

Take-Two

Interactive

Software,

Inc.*

4,230

697,654

Walt

Disney

Co.

(The)

49,716

4,775,222

Warner

Bros

Discovery,

Inc.*

59,378

594,968

14,026,494

Financial

Services

3.8%

Berkshire

Hathaway,

Inc.,

Class

B*

49,286

18,913,010

Fidelity

National

Information

Services,

Inc.

16,266

1,012,721

Fiserv,

Inc.*

16,228

2,302,266

FleetCor

Technologies,

Inc.*

1,997

578,990

Global

Payments,

Inc.

6,958

927,014

Jack

Henry

&

Associates,

Inc.

1,981

328,509

Mastercard,

Inc.,

Class

A

22,441

10,081,171

PayPal

Holdings,

Inc.*

29,073

1,783,629

Visa,

Inc.,

Class

A(a)

43,183

11,800,187

47,727,497

Food

Products

0.8%

Archer-Daniels-Midland

Co.

14,509

806,410

Bunge

Global

SA

4,001

352,448

Campbell

Soup

Co.

5,564

248,321

Conagra

Brands,

Inc.

13,122

382,506

General

Mills,

Inc.

15,582

1,011,428

Hershey

Co.

(The)

4,111

795,643

Hormel

Foods

Corp.

8,070

245,086

J

M

Smucker

Co.

(The)

2,728

358,869

Kellanova

7,260

397,558

Kraft

Heinz

Co.

(The)

21,817

810,065

Lamb

Weston

Holdings,

Inc.

3,948

404,433

McCormick

&

Co.,

Inc.

(Non-Voting)

7,027

478,960

Mondelez

International,

Inc.,

Class

A

36,784

2,768,732

Tyson

Foods,

Inc.,

Class

A

7,737

423,678

9,484,137

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

4,149

472,737

Ground

Transportation

1.0%

CSX

Corp.

53,310

1,903,167

JB

Hunt

Transport

Services,

Inc.

2,194

440,950

Norfolk

Southern

Corp.

6,202

1,458,959

Old

Dominion

Freight

Line,

Inc.

2,405

940,403

Uber

Technologies,

Inc.*

55,642

3,631,753

Union

Pacific

Corp.

16,483

4,020,698

12,395,930

Health

Care

Equipment

&

Supplies

2.3%

Abbott

Laboratories

46,922

5,309,224

Align

Technology,

Inc.*

1,928

515,393

Baxter

International,

Inc.

13,820

534,696

Becton

Dickinson

&

Co.

7,830

1,869,882

Boston

Scientific

Corp.*

39,591

2,504,527

Cooper

Cos.,

Inc.

(The)

1,360

507,321

Dentsply

Sirona,

Inc.

6,078

211,211

Dexcom,

Inc.*

10,389

1,260,705

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Edwards

Lifesciences

Corp.*

16,630

1,304,956

GE

HealthCare

Technologies,

Inc.

10,681

783,558

Hologic,

Inc.*

6,576

489,518

IDEXX

Laboratories,

Inc.*

2,262

1,165,111

Insulet

Corp.*(a)

1,825

348,338

Intuitive

Surgical,

Inc.*

9,520

3,600,654

Medtronic

plc

35,976

3,149,339

ResMed,

Inc.

3,922

745,964

STERIS

plc

2,678

586,348

Stryker

Corp.

9,142

3,066,958

Teleflex,

Inc.

1,329

322,721

Zimmer

Biomet

Holdings,

Inc.

5,719

718,307

28,994,731

Health

Care

Providers

&

Services

2.4%

Cardinal

Health,

Inc.

6,766

738,780

Cencora,

Inc.

4,516

1,050,783

Centene

Corp.*

14,666

1,104,496

Cigna

Group

(The)

7,912

2,381,116

CVS

Health

Corp.

34,728

2,582,721

DaVita,

Inc.*

1,477

159,752

Elevance

Health,

Inc.

6,353

3,134,824

HCA

Healthcare,

Inc.

5,395

1,644,936

Henry

Schein,

Inc.*

3,593

268,900

Humana,

Inc.

3,329

1,258,562

Laboratory

Corp.

of

America

Holdings

2,331

518,181

McKesson

Corp.

3,580

1,789,606

Molina

Healthcare,

Inc.*

1,543

549,987

Quest

Diagnostics,

Inc.

3,029

389,015

UnitedHealth

Group,

Inc.

25,055

12,821,646

Universal

Health

Services,

Inc.,

Class

B

1,573

249,808

30,643,113

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

14,836

274,466

Ventas,

Inc.

11,119

515,810

Welltower,

Inc.

15,135

1,309,329

2,099,605

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.

19,074

366,602

Hotels,

Restaurants

&

Leisure

1.9%

Airbnb,

Inc.,

Class

A*

11,694

1,685,573

Booking

Holdings,

Inc.*

950

3,332,096

Caesars

Entertainment,

Inc.*

5,534

242,777

Carnival

Corp.*(a)

27,005

447,743

Chipotle

Mexican

Grill,

Inc.,

Class

A*

742

1,787,307

Darden

Restaurants,

Inc.(a)

3,234

525,784

Domino's

Pizza,

Inc.

963

410,450

Expedia

Group,

Inc.*

3,511

520,787

Hilton

Worldwide

Holdings,

Inc.

7,040

1,344,358

Las

Vegas

Sands

Corp.

10,145

496,293

Marriott

International,

Inc.,

Class

A

6,627

1,588,691

McDonald's

Corp.

19,612

5,740,825

MGM

Resorts

International*

7,437

322,543

Norwegian

Cruise

Line

Holdings

Ltd.*

12,287

218,709

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Royal

Caribbean

Cruises

Ltd.*

6,472

825,180

Starbucks

Corp.

30,894

2,874,069

Wynn

Resorts

Ltd.

2,735

258,266

Yum!

Brands,

Inc.

7,697

996,684

23,618,135

Household

Durables

0.3%

DR

Horton,

Inc.

8,142

1,163,573

Garmin

Ltd.

4,149

495,764

Lennar

Corp.,

Class

A

6,867

1,029,020

Mohawk

Industries,

Inc.*

1,568

163,464

NVR,

Inc.*(a)

86

608,475

PulteGroup,

Inc.

5,919

618,891

Whirlpool

Corp.(a)

1,475

161,542

4,240,729

Household

Products

1.1%

Church

&

Dwight

Co.,

Inc.

6,514

650,423

Clorox

Co.

(The)

3,260

473,515

Colgate-Palmolive

Co.

22,263

1,874,545

Kimberly-Clark

Corp.

9,286

1,123,327

Procter

&

Gamble

Co.

(The)

63,872

10,036,846

14,158,656

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

18,489

308,397

Industrial

Conglomerates

0.7%

3M

Co.

15,054

1,420,345

General

Electric

Co.

29,428

3,896,856

Honeywell

International,

Inc.

17,825

3,605,284

8,922,485

Industrial

REITs

0.3%

Prologis,

Inc.

24,983

3,165,096

Insurance

1.9%

Aflac,

Inc.

14,599

1,231,280

Allstate

Corp.

(The)

7,183

1,115,161

American

International

Group,

Inc.

19,110

1,328,336

Aon

plc,

Class

A

5,394

1,609,731

Arch

Capital

Group

Ltd.*

10,128

834,851

Arthur

J

Gallagher

&

Co.

5,838

1,355,350

Assurant,

Inc.

1,336

224,381

Brown

&

Brown,

Inc.

6,463

501,270

Chubb

Ltd.

11,031

2,702,595

Cincinnati

Financial

Corp.

4,262

472,230

Everest

Group

Ltd.

1,134

436,556

Globe

Life,

Inc.

2,368

290,838

Hartford

Financial

Services

Group,

Inc.

(The)

8,225

715,246

Loews

Corp.

4,792

349,145

Marsh

&

McLennan

Cos.,

Inc.

13,332

2,584,275

MetLife,

Inc.

16,812

1,165,408

Principal

Financial

Group,

Inc.

6,121

484,171

Progressive

Corp.

(The)

15,819

2,819,737

Prudential

Financial,

Inc.

9,667

1,014,358

Travelers

Cos.,

Inc.

(The)

6,123

1,294,157

W

R

Berkley

Corp.(a)

5,593

457,955

Willis

Towers

Watson

plc

2,738

674,369

23,661,400

Interactive

Media

&

Services

5.2%

Alphabet,

Inc.,

Class

A*

160,310

22,459,431

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Alphabet,

Inc.,

Class

C*

134,921

19,131,798

Match

Group,

Inc.*

7,200

276,336

Meta

Platforms,

Inc.,

Class

A*

60,126

23,457,557

65,325,122

IT

Services

1.1%

Accenture

plc,

Class

A

17,032

6,197,604

Akamai

Technologies,

Inc.*

4,174

514,362

Cognizant

Technology

Solutions

Corp.,

Class

A

13,558

1,045,593

EPAM

Systems,

Inc.*

1,523

423,561

Gartner,

Inc.*

2,090

956,050

International

Business

Machines

Corp.

24,689

4,534,382

VeriSign,

Inc.*

2,472

491,631

14,163,183

Leisure

Products

0.0%

†

Hasbro,

Inc.

3,575

174,996

Life

Sciences

Tools

&

Services

1.3%

Agilent

Technologies,

Inc.

7,876

1,024,668

Bio-Rad

Laboratories,

Inc.,

Class

A*

562

180,340

Bio-Techne

Corp.

4,233

297,665

Charles

River

Laboratories

International,

Inc.*

1,435

310,362

Danaher

Corp.

17,879

4,289,351

Illumina,

Inc.*

4,254

608,365

IQVIA

Holdings,

Inc.*

5,027

1,046,772

Mettler-Toledo

International,

Inc.*

591

707,539

Revvity,

Inc.(a)

3,296

353,265

Thermo

Fisher

Scientific,

Inc.

10,447

5,630,724

Waters

Corp.*

1,575

500,393

West

Pharmaceutical

Services,

Inc.

2,017

752,401

15,701,845

Machinery

1.5%

Caterpillar,

Inc.

13,869

4,164,999

Cummins,

Inc.

3,835

917,715

Deere

&

Co.

7,242

2,850,306

Dover

Corp.

3,840

575,155

Fortive

Corp.

9,645

754,046

IDEX

Corp.

2,090

442,035

Illinois

Tool

Works,

Inc.

7,387

1,927,268

Ingersoll

Rand,

Inc.

10,995

878,061

Nordson

Corp.

1,405

353,667

Otis

Worldwide

Corp.

10,945

967,976

PACCAR,

Inc.

14,018

1,407,267

Parker-Hannifin

Corp.

3,499

1,625,285

Pentair

plc

4,417

323,192

Snap-on,

Inc.

1,449

420,109

Stanley

Black

&

Decker,

Inc.

4,129

385,236

Westinghouse

Air

Brake

Technologies

Corp.

4,919

647,193

Xylem,

Inc.

6,618

744,128

19,383,638

Media

0.6%

Charter

Communications,

Inc.,

Class

A*(a)

2,761

1,023,530

Comcast

Corp.,

Class

A

109,084

5,076,769

Fox

Corp.,

Class

A

6,354

205,234

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Media

Fox

Corp.,

Class

B

3,623

108,726

Interpublic

Group

of

Cos.,

Inc.

(The)

10,033

330,989

News

Corp.,

Class

A

10,852

267,393

News

Corp.,

Class

B

3,040

77,733

Omnicom

Group,

Inc.

5,288

477,930

Paramount

Global,

Class

B

12,515

182,594

7,750,898

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.

39,078

1,551,006

Newmont

Corp.

30,885

1,065,841

Nucor

Corp.

6,749

1,261,591

Steel

Dynamics,

Inc.

4,176

504,001

4,382,439

Multi-Utilities

0.5%

Ameren

Corp.

7,048

490,329

CenterPoint

Energy,

Inc.(a)

17,068

476,880

CMS

Energy

Corp.(a)

8,011

457,909

Consolidated

Edison,

Inc.

9,195

835,826

Dominion

Energy,

Inc.

22,626

1,034,461

DTE

Energy

Co.

5,566

586,768

NiSource,

Inc.

11,528

299,382

Public

Service

Enterprise

Group,

Inc.(a)

13,629

790,346

Sempra

16,913

1,210,294

WEC

Energy

Group,

Inc.(a)

8,573

692,355

6,874,550

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

4,200

507,780

Boston

Properties,

Inc.

4,046

269,059

776,839

Oil,

Gas

&

Consumable

Fuels

3.1%

APA

Corp.

8,417

263,704

Chevron

Corp.

47,469

6,998,355

ConocoPhillips

32,106

3,591,698

Coterra

Energy,

Inc.

20,610

512,777

Devon

Energy

Corp.

17,593

739,258

Diamondback

Energy,

Inc.

4,745

729,496

EOG

Resources,

Inc.

15,768

1,794,241

EQT

Corp.

11,142

394,427

Exxon

Mobil

Corp.

108,526

11,157,558

Hess

Corp.

7,588

1,066,342

Kinder

Morgan,

Inc.(a)

52,490

888,131

Marathon

Oil

Corp.

16,405

374,854

Marathon

Petroleum

Corp.(a)

10,211

1,690,941

Occidental

Petroleum

Corp.(a)

18,077

1,040,693

ONEOK,

Inc.

15,843

1,081,285

Phillips

66

11,896

1,716,712

Pioneer

Natural

Resources

Co.

6,308

1,449,768

Targa

Resources

Corp.

5,885

499,989

Valero

Energy

Corp.(a)

9,102

1,264,268

Williams

Cos.,

Inc.

(The)

33,411

1,158,025

38,412,522

Passenger

Airlines

0.1%

American

Airlines

Group,

Inc.*

16,914

240,686

Delta

Air

Lines,

Inc.

17,423

681,936

Southwest

Airlines

Co.

16,356

488,881

Common

Stocks

Shares

Value

($)

Passenger

Airlines

United

Airlines

Holdings,

Inc.*

8,510

352,144

1,763,647

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

6,355

838,796

Kenvue,

Inc.

46,575

966,897

1,805,693

Pharmaceuticals

3.4%

Bristol-Myers

Squibb

Co.

55,017

2,688,681

Catalent,

Inc.*

4,819

248,853

Eli

Lilly

&

Co.

21,601

13,945,822

Johnson

&

Johnson

65,224

10,364,093

Merck

&

Co.,

Inc.

68,701

8,297,707

Pfizer,

Inc.

152,671

4,134,331

Viatris,

Inc.

33,539

394,754

Zoetis,

Inc.,

Class

A

12,414

2,331,473

42,405,714

Professional

Services

0.6%

Automatic

Data

Processing,

Inc.

11,121

2,733,319

Broadridge

Financial

Solutions,

Inc.

3,230

659,566

Ceridian

HCM

Holding,

Inc.*(a)

4,324

300,605

Equifax,

Inc.

3,320

811,209

Jacobs

Solutions,

Inc.

3,529

475,603

Leidos

Holdings,

Inc.

3,577

395,151

Paychex,

Inc.

8,820

1,073,659

Paycom

Software,

Inc.

1,368

260,248

Robert

Half,

Inc.

2,684

213,485

Verisk

Analytics,

Inc.,

Class

A

3,935

950,421

7,873,266

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

8,200

707,742

CoStar

Group,

Inc.*

11,146

930,468

1,638,210

Residential

REITs

0.3%

AvalonBay

Communities,

Inc.

3,797

679,701

Camden

Property

Trust

2,813

263,972

Equity

Residential

9,136

549,896

Essex

Property

Trust,

Inc.

1,796

418,953

Invitation

Homes,

Inc.

15,413

507,550

Mid-America

Apartment

Communities,

Inc.

3,037

383,816

UDR,

Inc.

8,361

301,163

3,105,051

Retail

REITs

0.3%

Federal

Realty

Investment

Trust

1,931

196,441

Kimco

Realty

Corp.

18,014

363,883

Realty

Income

Corp.

21,554

1,172,322

Regency

Centers

Corp.

4,666

292,418

Simon

Property

Group,

Inc.

8,884

1,231,411

3,256,475

Semiconductors

&

Semiconductor

Equipment

7.6%

Advanced

Micro

Devices,

Inc.*

43,835

7,350,691

Analog

Devices,

Inc.

13,474

2,591,859

Applied

Materials,

Inc.

22,619

3,716,302

Broadcom,

Inc.

11,890

14,030,200

Enphase

Energy,

Inc.*

3,592

374,035

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

First

Solar,

Inc.*

2,852

417,248

Intel

Corp.

114,457

4,930,807

KLA

Corp.

3,675

2,183,097

Lam

Research

Corp.

3,563

2,940,081

Microchip

Technology,

Inc.

14,499

1,235,025

Micron

Technology,

Inc.

29,919

2,565,554

Monolithic

Power

Systems,

Inc.

1,286

775,098

NVIDIA

Corp.

66,909

41,167,100

NXP

Semiconductors

NV

7,005

1,475,043

ON

Semiconductor

Corp.*

11,463

815,363

Qorvo,

Inc.*

2,758

275,083

QUALCOMM,

Inc.

30,094

4,469,260

Skyworks

Solutions,

Inc.

4,181

436,747

Teradyne,

Inc.(a)

4,071

393,218

Texas

Instruments,

Inc.

24,557

3,932,067

96,073,878

Software

9.8%

Adobe,

Inc.*

12,348

7,628,347

ANSYS,

Inc.*

2,371

777,285

Autodesk,

Inc.*

5,845

1,483,519

Cadence

Design

Systems,

Inc.*

7,344

2,118,450

Fair

Isaac

Corp.*

678

812,807

Fortinet,

Inc.*

17,233

1,111,356

Gen

Digital,

Inc.

14,557

341,798

Intuit,

Inc.

7,578

4,784,219

Microsoft

Corp.

201,329

80,044,384

Oracle

Corp.

43,125

4,817,063

Palo

Alto

Networks,

Inc.*

8,466

2,865,826

PTC,

Inc.*

3,285

593,435

Roper

Technologies,

Inc.

2,888

1,550,856

Salesforce,

Inc.*

26,309

7,395,197

ServiceNow,

Inc.*

5,543

4,242,612

Synopsys,

Inc.*

4,112

2,193,135

Tyler

Technologies,

Inc.*

1,142

482,781

123,243,070

Specialized

REITs

0.9%

American

Tower

Corp.

12,708

2,486,320

Crown

Castle,

Inc.

11,621

1,257,973

Digital

Realty

Trust,

Inc.

8,217

1,154,160

Equinix,

Inc.

2,569

2,131,679

Extra

Space

Storage,

Inc.

5,704

823,886

Iron

Mountain,

Inc.

7,871

531,450

Public

Storage

4,257

1,205,540

SBA

Communications

Corp.,

Class

A

2,913

652,104

VICI

Properties,

Inc.,

Class

A

28,162

848,240

Weyerhaeuser

Co.

19,760

647,535

11,738,887

Specialty

Retail

1.8%

AutoZone,

Inc.*

471

1,300,963

Bath

&

Body

Works,

Inc.

6,020

256,813

Best

Buy

Co.,

Inc.(a)

5,318

385,502

CarMax,

Inc.*(a)

4,265

303,583

Home

Depot,

Inc.

(The)

27,102

9,565,922

Lowe's

Cos.,

Inc.

15,704

3,342,439

O'Reilly

Automotive,

Inc.*

1,590

1,626,649

Ross

Stores,

Inc.

9,057

1,270,516

TJX

Cos.,

Inc.

(The)

30,934

2,935,946

Common

Stocks

Shares

Value

($)

Specialty

Retail

Tractor

Supply

Co.(a)

2,937

659,650

Ulta

Beauty,

Inc.*

1,351

678,270

22,326,253

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

396,023

73,026,641

Hewlett

Packard

Enterprise

Co.

35,066

536,159

HP,

Inc.

23,215

666,503

NetApp,

Inc.

5,706

497,563

Seagate

Technology

Holdings

plc(a)

5,168

442,794

Western

Digital

Corp.*

8,621

493,553

75,663,213

Textiles,

Apparel

&

Luxury

Goods

0.4%

Lululemon

Athletica,

Inc.*

3,113

1,412,742

NIKE,

Inc.,

Class

B

33,096

3,360,237

Ralph

Lauren

Corp.,

Class

A

1,091

156,744

Tapestry,

Inc.(a)

6,299

244,338

VF

Corp.

8,220

135,301

5,309,362

Tobacco

0.5%

Altria

Group,

Inc.

47,822

1,918,619

Philip

Morris

International,

Inc.

42,204

3,834,233

5,752,852

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

15,188

1,036,278

United

Rentals,

Inc.

1,833

1,146,358

WW

Grainger,

Inc.

1,183

1,059,542

3,242,178

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

5,164

640,439

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.

13,759

2,218,364

Total

Common

Stocks

(cost

$584,447,946)

1,101,924,819

Purchased

Options

0.2%

Number

of

Contracts

Call

Options

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

3/15/2024

at

USD

4,850.00,

American

Style

Notional

Amount:

USD

64,204,863

Exchange

Traded

*

265

1,228,938

S&P

500

E-Mini

Index

4/19/2024

at

USD

5,075.00,

European

Style

Notional

Amount:

USD

128,409,725

Exchange

Traded

*

530

1,225,625

Total

Purchased

Options

(cost

$2,077,294)

2,454,563

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

Short-Term

Investments

7.6%

Shares

Value

($)

U.S.

Treasury

Obligation

7.6%

U.S.

Treasury

Bills

5.26%

2/22/2024(b)

2,733,000

2,724,612

5.48%

4/18/2024

94,855,000

93,799,520

Total

U.S.

Treasury

Obligation

(cost

$96,497,294)

96,524,132

Total

Short-Term

Investment

(cost

$96,497,294)

96,524,132

Repurchase

Agreement

0.1%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$680,127,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$693,729.(c)

680,027

680,027

Total

Repurchase

Agreement

(cost

$680,027)

680,027

Total

Investments

(cost

$683,702,561)

—

95.6%

1,201,583,541

Other

assets

in

excess

of

liabilities

—

4.4%

55,049,625

NET

ASSETS

—

100.0%

$

1,256,633,166

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$29,634,690,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$680,027

and

by

$29,951,022

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$30,631,049.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$680,027.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

213

3/2024

USD

51,870,825

(170,103)

Net

contracts

(170,103)

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,101,924,819

$

–

$

–

$

1,101,924,819

Purchased

Option

2,454,563

–

–

2,454,563

Repurchase

Agreement

–

680,027

–

680,027

Short-Term

Investments

–

96,524,132

–

96,524,132

Total

Assets

$

1,104,379,382

$

97,204,159

$

–

$

1,201,583,541

Liabilities:

Futures

Contracts

$

(170,103)

$

–

$

–

$

(170,103)

Total

Liabilities

$

(170,103)

$

–

$

–

$

(170,103)

Total

$

1,104,209,279

$

97,204,159

$

–

$

1,201,413,438

Nationwide

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,454,563

Total

$

2,454,563

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(170,103)

Total

$

(170,103)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

90.4%

Shares

Value

($)

Aerospace

&

Defense

4.2%

Howmet

Aerospace,

Inc.

148,105

8,332,387

L3Harris

Technologies,

Inc.

50,837

10,595,448

Northrop

Grumman

Corp.

12,155

5,430,368

24,358,203

Air

Freight

&

Logistics

1.4%

FedEx

Corp.

33,950

8,191,795

Automobiles

1.0%

General

Motors

Co.

155,214

6,022,303

Banks

9.9%

Bank

of

America

Corp.

235,120

7,996,431

Citigroup,

Inc.

128,682

7,228,068

First

Horizon

Corp.

319,578

4,550,791

JPMorgan

Chase

&

Co.

136,404

23,783,401

Truist

Financial

Corp.

85,063

3,152,435

US

Bancorp

253,715

10,539,321

57,250,447

Biotechnology

3.2%

AbbVie,

Inc.

90,811

14,929,329

Amgen,

Inc.

11,893

3,737,494

18,666,823

Building

Products

1.2%

Johnson

Controls

International

plc

128,814

6,787,210

Capital

Markets

5.0%

CME

Group,

Inc.

50,086

10,309,702

Goldman

Sachs

Group,

Inc.

(The)

28,581

10,975,390

LPL

Financial

Holdings,

Inc.

18,832

4,504,426

Morgan

Stanley

33,336

2,908,233

28,697,751

Chemicals

0.5%

CF

Industries

Holdings,

Inc.

34,660

2,617,177

Commercial

Services

&

Supplies

0.6%

Veralto

Corp.

47,752

3,662,101

Communications

Equipment

1.8%

Cisco

Systems,

Inc.

205,462

10,310,083

Construction

Materials

2.8%

CRH

plc

175,948

12,626,028

Martin

Marietta

Materials,

Inc.

6,719

3,416,074

16,042,102

Diversified

Telecommunication

Services

2.7%

AT&T,

Inc.(a)

891,499

15,770,617

Electric

Utilities

1.2%

Constellation

Energy

Corp.(a)

56,007

6,832,854

Electrical

Equipment

1.7%

Eaton

Corp.

plc

21,856

5,378,325

Hubbell,

Inc.,

Class

B

13,085

4,390,933

9,769,258

Financial

Services

4.2%

Berkshire

Hathaway,

Inc.,

Class

B*

48,503

18,612,541

Voya

Financial,

Inc.

78,289

5,665,775

24,278,316

Common

Stocks

Shares

Value

($)

Food

Products

0.6%

Mondelez

International,

Inc.,

Class

A

44,289

3,333,633

Health

Care

Equipment

&

Supplies

6.3%

Alcon,

Inc.CHF(a)

31,718

2,382,339

Becton

Dickinson

&

Co.

56,534

13,500,884

Medtronic

plc

237,511

20,791,713

36,674,936

Health

Care

Providers

&

Services

1.9%

UnitedHealth

Group,

Inc.

21,658

11,083,265

Hotels,

Restaurants

&

Leisure

4.0%

International

Game

Technology

plc

462,938

12,017,871

Las

Vegas

Sands

Corp.

220,997

10,811,173

22,829,044

Insurance

8.4%

Allstate

Corp.

(The)

76,784

11,920,716

American

International

Group,

Inc.

137,131

9,531,976

Assurant,

Inc.

42,493

7,136,699

Progressive

Corp.

(The)

15,438

2,751,824

RenaissanceRe

Holdings

Ltd.

46,439

10,626,636

Willis

Towers

Watson

plc

27,480

6,768,324

48,736,175

Interactive

Media

&

Services

0.9%

Alphabet,

Inc.,

Class

A*

38,693

5,420,889

IT

Services

1.0%

International

Business

Machines

Corp.

32,772

6,018,905

Life

Sciences

Tools

&

Services

2.9%

Danaher

Corp.

68,679

16,476,779

Media

3.2%

Comcast

Corp.,

Class

A

106,795

4,970,239

Interpublic

Group

of

Cos.,

Inc.

(The)(a)

202,750

6,688,723

Omnicom

Group,

Inc.

76,232

6,889,848

18,548,810

Metals

&

Mining

2.7%

Freeport-McMoRan,

Inc.

223,853

8,884,726

Newmont

Corp.

196,371

6,776,763

15,661,489

Multi-Utilities

0.4%

Dominion

Energy,

Inc.

56,083

2,564,115

Oil,

Gas

&

Consumable

Fuels

9.0%

ConocoPhillips

79,595

8,904,293

Diamondback

Energy,

Inc.

18,795

2,889,543

EQT

Corp.

153,895

5,447,883

Exxon

Mobil

Corp.

104,989

10,793,919

Marathon

Petroleum

Corp.(a)

25,990

4,303,944

Occidental

Petroleum

Corp.(a)

124,395

7,161,420

Phillips

66

60,808

8,775,203

Shell

plc,

ADR-NL(a)

62,989

3,962,638

52,238,843

Personal

Care

Products

2.0%

Kenvue,

Inc.

555,606

11,534,381

Pharmaceuticals

1.7%

Sanofi

SA,

ADR

197,845

9,872,465

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

3.0%

Applied

Materials,

Inc.

62,354

10,244,762

Intel

Corp.

158,015

6,807,286

17,052,048

Software

1.0%

Dolby

Laboratories,

Inc.,

Class

A

68,203

5,673,126

Total

Common

Stocks

(cost

$421,918,173)

522,975,943

Purchased

Options

0.2%

Number

of

Contracts

Call

Options

0.2%

Future

Equity

Index

Options:

0.2%

S&P

500

E-Mini

Index

3/15/2024

at

USD

4,850.00,

American

Style

Notional

Amount:

USD

29,316,183

Exchange

Traded

*

121

561,138

S&P

500

E-Mini

Index

4/19/2024

at

USD

5,075.00,

European

Style

Notional

Amount:

USD

58,632,365

Exchange

Traded

*

242

559,625

Total

Purchased

Options

(cost

$948,500)

1,120,763

Short-Term

Investments

4.0%

Shares

U.S.

Treasury

Obligation

4.0%

U.S.

Treasury

Bills

5.27%

2/22/2024(b)

1,696,000

1,690,795

5.45%

4/18/2024

22,000,000

21,755,199

Total

U.S.

Treasury

Obligation

(cost

$23,440,988)

23,445,994

Total

Short-Term

Investment

(cost

$23,440,988)

23,445,994

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,205,733,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,229,847.(c)

1,205,554

1,205,554

Total

Repurchase

Agreement

(cost

$1,205,554)

1,205,554

Total

Investments

(cost

$447,513,215)

—

94.8%

548,748,254

Other

assets

in

excess

of

liabilities

—

5.2%

29,937,680

NET

ASSETS

—

100.0%

$

578,685,934

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$19,618,287,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,205,554

and

by

$19,169,439

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$20,374,993.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,205,554.

ADR

American

Depositary

Receipt

NL

Netherlands

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

780

3/2024

USD

63,792,300

1,925,318

Total

long

contracts

1,925,318

Short

Contracts

S&P

500

E-Mini

Index

(251)

3/2024

USD

(61,124,775)

(772,468)

Total

short

contracts

(772,468)

Net

contracts

1,152,850

Currency:

USD

United

States

Dollar

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

522,975,943

$

–

$

–

$

522,975,943

Futures

Contracts

1,925,318

–

–

1,925,318

Purchased

Option

1,120,763

–

–

1,120,763

Repurchase

Agreement

–

1,205,554

–

1,205,554

Short-Term

Investments

–

23,445,994

–

23,445,994

Total

Assets

$

526,022,024

$

24,651,548

$

–

$

550,673,572

Liabilities:

Futures

Contracts

$

(772,468)

$

–

$

–

$

(772,468)

Total

Liabilities

$

(772,468)

$

–

$

–

$

(772,468)

Total

$

525,249,556

$

24,651,548

$

–

$

549,901,104

Nationwide

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

1,120,763

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,925,318

Total

$

3,046,081

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(772,468)

Total

$

(772,468)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fund

Common

Stocks

98

.0

%

Shares

Value

($)

Aerospace

&

Defense

1

.8

%

Boeing

Co.

(The)*

32,595

6,878,849

General

Dynamics

Corp.

57,585

15,259,449

RTX

Corp.

62,353

5,681,605

27,819,903

Air

Freight

&

Logistics

1

.1

%

CH

Robinson

Worldwide,

Inc.

194,831

16,383,339

Banks

2

.2

%

JPMorgan

Chase

&

Co.

196,669

34,291,207

Beverages

2

.2

%

Constellation

Brands,

Inc.,

Class

A

56,350

13,810,258

Monster

Beverage

Corp.*

374,861

20,624,852

34,435,110

Biotechnology

2

.0

%

AbbVie,

Inc.

82,394

13,545,573

Alnylam

Pharmaceuticals,

Inc.*

7,632

1,319,649

Biogen,

Inc.*

12,357

3,047,978

Gilead

Sciences,

Inc.

27,755

2,172,106

Moderna,

Inc.*(a)

5,275

533,039

Regeneron

Pharmaceuticals,

Inc.*

4,454

4,199,142

Vertex

Pharmaceuticals,

Inc.*

12,531

5,430,685

30,248,172

Broadline

Retail

5

.4

%

Amazon.com,

Inc.*

532,115

82,584,248

Building

Products

1

.1

%

Builders

FirstSource,

Inc.*

57,194

9,936,314

Johnson

Controls

International

plc

57,529

3,031,203

Trane

Technologies

plc

15,202

3,831,664

16,799,181

Capital

Markets

3

.9

%

Ares

Management

Corp.,

Class

A

180,181

21,888,388

Intercontinental

Exchange,

Inc.

72,609

9,245,304

KKR

&

Co.,

Inc.

128,906

11,160,681

S&P

Global,

Inc.

39,999

17,933,552

60,227,925

Chemicals

1

.9

%

Celanese

Corp.,

Class

A

51,370

7,514,917

FMC

Corp.

79,490

4,467,338

Linde

plc

28,554

11,559,516

PPG

Industries,

Inc.

42,261

5,960,492

29,502,263

Commercial

Services

&

Supplies

0

.4

%

Waste

Connections,

Inc.

40,915

6,352,463

Containers

&

Packaging

0

.3

%

Ball

Corp.(a)

41,145

2,281,490

Crown

Holdings,

Inc.

35,013

3,098,651

5,380,141

Electric

Utilities

1

.9

%

Edison

International

117,470

7,926,876

Exelon

Corp.

159,398

5,548,644

NextEra

Energy,

Inc.

125,629

7,365,628

PG&E

Corp.

542,718

9,155,653

29,996,801

Common

Stocks

Shares

Value

($)

Electrical

Equipment

0

.2

%

Emerson

Electric

Co.

29,129

2,672,003

Energy

Equipment

&

Services

0

.3

%

Schlumberger

NV

86,251

4,200,424

Entertainment

1

.4

%

Netflix,

Inc.*

24,176

13,637,923

Spotify

Technology

SA*

36,162

7,787,487

21,425,410

Financial

Services

5

.2

%

Berkshire

Hathaway,

Inc.,

Class

B*

90,199

34,612,964

Block,

Inc.,

Class

A*

140,695

9,146,582

FleetCor

Technologies,

Inc.*

28,157

8,163,559

Global

Payments,

Inc.

82,758

11,025,849

PayPal

Holdings,

Inc.*

83,312

5,111,191

Visa,

Inc.,

Class

A

42,881

11,717,662

79,777,807

Gas

Utilities

0

.4

%

Atmos

Energy

Corp.(a)

53,080

6,047,935

Ground

Transportation

1

.1

%

Uber

Technologies,

Inc.*

262,353

17,123,780

Health

Care

Equipment

&

Supplies

2

.5

%

Abbott

Laboratories

80,611

9,121,135

Boston

Scientific

Corp.*

151,824

9,604,386

Dexcom,

Inc.*

48,496

5,884,990

Edwards

Lifesciences

Corp.*

80,731

6,334,961

Insulet

Corp.*

18,960

3,618,895

Stryker

Corp.

12,190

4,089,501

38,653,868

Health

Care

Providers

&

Services

3

.7

%

Cencora,

Inc.(a)

45,954

10,692,577

Centene

Corp.*

96,273

7,250,319

Elevance

Health,

Inc.

13,804

6,811,446

HCA

Healthcare,

Inc.

21,903

6,678,225

Humana,

Inc.

9,646

3,646,767

Laboratory

Corp.

of

America

Holdings

15,924

3,539,905

Molina

Healthcare,

Inc.*

11,931

4,252,686

UnitedHealth

Group,

Inc.

26,264

13,440,339

56,312,264

Health

Care

REITs

0

.4

%

Welltower,

Inc.

77,470

6,701,930

Hotels,

Restaurants

&

Leisure

1

.5

%

Chipotle

Mexican

Grill,

Inc.,

Class

A*

6,008

14,471,890

Marriott

International,

Inc.,

Class

A

34,178

8,193,492

22,665,382

Household

Durables

0

.7

%

Lennar

Corp.,

Class

A

71,422

10,702,587

Industrial

REITs

0

.5

%

Prologis,

Inc.

62,229

7,883,792

Insurance

2

.4

%

Arch

Capital

Group

Ltd.*

65,418

5,392,406

Chubb

Ltd.

34,478

8,447,110

Everest

Group

Ltd.

17,889

6,886,729

Marsh

&

McLennan

Cos.,

Inc.

27,924

5,412,788

Nationwide

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Insurance

Progressive

Corp.

(The)

58,737

10,469,870

36,608,903

Interactive

Media

&

Services

5

.9

%

Alphabet,

Inc.,

Class

A*

357,180

50,040,918

Meta

Platforms,

Inc.,

Class

A*

103,956

40,557,394

90,598,312

Life

Sciences

Tools

&

Services

1

.4

%

Agilent

Technologies,

Inc.

41,813

5,439,871

Danaher

Corp.

54,352

13,039,588

Illumina,

Inc.*

24,084

3,444,253

21,923,712

Machinery

1

.2

%

Deere

&

Co.

1,713

674,203

Fortive

Corp.

133,113

10,406,774

Ingersoll

Rand,

Inc.

90,632

7,237,871

18,318,848

Media

0

.6

%

Omnicom

Group,

Inc.

103,378

9,343,304

Oil,

Gas

&

Consumable

Fuels

4

.5

%

BP

plc,

ADR-UK

63,279

2,221,093

EQT

Corp.

78,520

2,779,608

Exxon

Mobil

Corp.

289,454

29,758,766

Marathon

Petroleum

Corp.

69,683

11,539,505

Shell

plc,

ADR-NL

286,451

18,020,632

Targa

Resources

Corp.

51,282

4,356,919

68,676,523

Passenger

Airlines

1

.2

%

Delta

Air

Lines,

Inc.

470,782

18,426,407

Personal

Care

Products

0

.6

%

Haleon

plc,

ADR(a)

1,219,251

9,997,858

Pharmaceuticals

4

.4

%

AstraZeneca

plc,

ADR-UK

102,921

6,858,655

Eli

Lilly

&

Co.

37,554

24,245,238

GSK

plc,

ADR

114,051

4,498,172

Merck

&

Co.,

Inc.

163,508

19,748,496

Novartis

AG,

ADR-CH

51,106

5,287,938

Zoetis,

Inc.,

Class

A

36,873

6,925,118

67,563,617

Professional

Services

0

.7

%

Ceridian

HCM

Holding,

Inc.*(a)

111,816

7,773,448

Equifax,

Inc.

14,391

3,516,297

11,289,745

Real

Estate

Management

&

Development

0

.7

%

CBRE

Group,

Inc.,

Class

A*

93,654

8,083,277

CoStar

Group,

Inc.*

35,483

2,962,121

11,045,398

Semiconductors

&

Semiconductor

Equipment

6

.7

%

Advanced

Micro

Devices,

Inc.*

172,468

28,921,159

First

Solar,

Inc.*

15,392

2,251,850

KLA

Corp.

20,257

12,033,468

Marvell

Technology,

Inc.

107,603

7,284,723

Micron

Technology,

Inc.

118,523

10,163,347

NVIDIA

Corp.

42,680

26,259,724

Texas

Instruments,

Inc.

100,687

16,122,002

103,036,273

Software

15

.5

%

Adobe,

Inc.*

43,448

26,841,306

Common

Stocks

Shares

Value

($)

Software

HubSpot,

Inc.*

19,727

12,053,197

Intuit,

Inc.

36,472

23,025,868

Microsoft

Corp.

353,823

140,672,948

ServiceNow,

Inc.*

31,946

24,451,468

Synopsys,

Inc.*

21,626

11,534,227

238,579,014

Specialized

REITs

0

.3

%

Extra

Space

Storage,

Inc.

32,514

4,696,322

Specialty

Retail

2

.3

%

AutoZone,

Inc.*

3,733

10,311,032

TJX

Cos.,

Inc.

(The)

264,419

25,096,007

35,407,039

Technology

Hardware,

Storage

&

Peripherals

4

.8

%

Apple,

Inc.

402,575

74,234,830

Tobacco

1

.4

%

Philip

Morris

International,

Inc.

233,721

21,233,553

Trading

Companies

&

Distributors

0

.2

%

AerCap

Holdings

NV*

34,690

2,655,866

Wireless

Telecommunication

Services

1

.1

%

T-Mobile

US,

Inc.

109,158

17,599,544

Total

Common

Stocks

(cost

$1,050,912,675)

1,509,423,003

Exchange

Traded

Fund

1

.8

%

Equity

Fund

1.8%

SPDR

S&P

500

ETF

Trust

59,042

28,510,201

Total

Exchange

Traded

Fund

(cost

$26,501,098)

28,510,201

Repurchase

Agreements

0

.7

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,669,057,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$2,722,438.(b)

2,668,663

2,668,663

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,695,732,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$3,769,646.

(b)

3,695,187

3,695,187

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Societe

Generale,

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,000,587,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$10,363,850)

10,363,850

Total

Investments

(cost

$1,087,777,623)

—

100.5%

1,548,297,054

Liabilities

in

excess

of

other

assets

—

(0.5)%

(

7,670,065

)

NET

ASSETS

—

100.0%

$

1,540,626,989

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$15,244,641,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,363,850

and

by

$5,381,930

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$15,745,780.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$10,363,850.

ADR

American

Depositary

Receipt

CH

Switzerland

ETF

Exchange

Traded

Fund

NL

Netherlands

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Nationwide

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

32

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,509,423,003

$

–

$

–

$

1,509,423,003

Exchange

Traded

Fund

28,510,201

–

–

28,510,201

Repurchase

Agreements

–

10,363,850

–

10,363,850

Total

$

1,537,933,204

$

10,363,850

$

–

$

1,548,297,054

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

98.2%

Shares

Value

($)

Aerospace

&

Defense

6.9%

Axon

Enterprise,

Inc.*

38,835

9,672,245

HEICO

Corp.,

Class

A

38,113

5,391,846

15,064,091

Broadline

Retail

0.5%

Etsy,

Inc.*(a)

14,981

997,135

Building

Products

2.7%

Advanced

Drainage

Systems,

Inc.(a)

35,907

4,682,991

Fortune

Brands

Innovations,

Inc.(a)

17,213

1,335,557

6,018,548

Capital

Markets

3.2%

Intercontinental

Exchange,

Inc.

37,620

4,790,155

Raymond

James

Financial,

Inc.

21,083

2,322,925

7,113,080

Commercial

Services

&

Supplies

5.4%

Copart,

Inc.*

187,377

9,001,591

Rollins,

Inc.

64,279

2,783,924

11,785,515

Construction

Materials

1.0%

Vulcan

Materials

Co.

9,324

2,107,317

Distributors

2.7%

Pool

Corp.(a)

16,211

6,018,334

Electrical

Equipment

0.3%

Generac

Holdings,

Inc.*

5,546

630,414

Electronic

Equipment,

Instruments

&

Components

7.4%

Amphenol

Corp.,

Class

A

79,223

8,009,445

Cognex

Corp.(a)

17,856

645,316

Keysight

Technologies,

Inc.*

39,891

6,113,695

Trimble,

Inc.*

27,564

1,401,905

16,170,361

Financial

Services

4.8%

Fiserv,

Inc.*

46,848

6,646,326

Global

Payments,

Inc.

29,014

3,865,535

10,511,861

Food

Products

0.3%

Freshpet,

Inc.*(a)

7,152

615,787

Ground

Transportation

1.2%

Old

Dominion

Freight

Line,

Inc.

6,749

2,638,994

Health

Care

Equipment

&

Supplies

7.9%

Align

Technology,

Inc.*

4,367

1,167,386

Cooper

Cos.,

Inc.

(The)

5,824

2,172,527

IDEXX

Laboratories,

Inc.*

11,592

5,970,807

Shockwave

Medical,

Inc.*

8,520

1,927,650

STERIS

plc

28,009

6,132,571

17,370,941

Health

Care

Providers

&

Services

0.4%

HealthEquity,

Inc.*

11,559

873,629

Household

Products

2.2%

Church

&

Dwight

Co.,

Inc.

48,637

4,856,404

Insurance

1.6%

Ryan

Specialty

Holdings,

Inc.,

Class

A*

79,083

3,425,876

Common

Stocks

Shares

Value

($)

IT

Services

5.3%

EPAM

Systems,

Inc.*

12,463

3,466,085

Gartner,

Inc.*

17,875

8,176,740

11,642,825

Life

Sciences

Tools

&

Services

2.2%

Charles

River

Laboratories

International,

Inc.*

3,400

735,352

Repligen

Corp.*

21,700

4,109,980

4,845,332

Machinery

2.2%

IDEX

Corp.

23,053

4,875,710

Professional

Services

6.3%

Broadridge

Financial

Solutions,

Inc.

25,398

5,186,272

SS&C

Technologies

Holdings,

Inc.

22,225

1,356,169

Verisk

Analytics,

Inc.,

Class

A

30,125

7,276,091

13,818,532

Real

Estate

Management

&

Development

3.1%

CoStar

Group,

Inc.*

80,714

6,738,005

Semiconductors

&

Semiconductor

Equipment

1.1%

Monolithic

Power

Systems,

Inc.

3,870

2,332,526

Software

17.0%

ANSYS,

Inc.*

19,065

6,250,079

BlackLine,

Inc.*

15,642

917,872

Cadence

Design

Systems,

Inc.*

16,351

4,716,609

HubSpot,

Inc.*

6,832

4,174,352

Intuit,

Inc.

13,669

8,629,650

Roper

Technologies,

Inc.

11,494

6,172,278

Tyler

Technologies,

Inc.*

15,181

6,417,768

37,278,608

Specialty

Retail

8.5%

Burlington

Stores,

Inc.*

21,730

4,153,690

O'Reilly

Automotive,

Inc.*

9,609

9,830,487

Ulta

Beauty,

Inc.*

9,329

4,683,624

18,667,801

Textiles,

Apparel

&

Luxury

Goods

2.0%

Lululemon

Athletica,

Inc.*

9,626

4,368,471

Trading

Companies

&

Distributors

2.0%

Watsco,

Inc.

11,152

4,360,209

Total

Common

Stocks

(cost

$85,471,263)

215,126,306

Rights

0.0%

†

Number

of

Rights

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*^∞

15,020

0

Total

Rights

(cost

$15,321)

0

34

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

Repurchase

Agreements

0.1%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$208,239,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$212,403.(b)

208,208

208,208

Natixis

Securities

Americas

LLC,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,520,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

4.13%,

maturing

2/15/2024

-

2/15/2033;

total

market

value

$3,590.

(b)

3,519

3,519

Total

Repurchase

Agreements

(cost

$211,727)

211,727

Total

Investments

(cost

$85,698,311)

—

98.3%

215,338,033

Other

assets

in

excess

of

liabilities

—

1.7%

3,818,137

NET

ASSETS

—

100.0%

$

219,156,170

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$5,089,567,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$211,727

and

by

$5,149,971

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$5,361,698.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$211,727.

CVR

Contingent

Value

Rights

Nationwide

Geneva

Mid

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

36

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Geneva

Mid

Cap

Growth

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

215,126,306

$

–

$

–

$

215,126,306

Repurchase

Agreements

–

211,727

–

211,727

Rights

–

–

–

–

Total

$

215,126,306

$

211,727

$

–

$

215,338,033

As

of

January

31,

2024,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

GQG

US

Quality

Equity

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

98

.8

%

Shares

Value

($)

Automobiles

1

.3

%

Ford

Motor

Co.(a)

109,754

1,286,317

Broadline

Retail

4

.9

%

Amazon.com,

Inc.*

31,338

4,863,658

Capital

Markets

2

.4

%

KKR

&

Co.,

Inc.

27,380

2,370,560

Construction

Materials

1

.2

%

Martin

Marietta

Materials,

Inc.

2,288

1,163,265

Entertainment

2

.5

%

Netflix,

Inc.*

4,446

2,508,033

Financial

Services

3

.9

%

Visa,

Inc.,

Class

A(a)

14,154

3,867,722

Ground

Transportation

3

.2

%

Uber

Technologies,

Inc.*

48,993

3,197,773

Health

Care

Equipment

&

Supplies

0

.1

%

Intuitive

Surgical,

Inc.*

164

62,028

Health

Care

Providers

&

Services

0

.0

%

†

UnitedHealth

Group,

Inc.

98

50,151

Household

Durables

2

.2

%

DR

Horton,

Inc.

15,167

2,167,516

Independent

Power

and

Renewable

Electricity

Producers

1

.1

%

Vistra

Corp.

25,614

1,050,942

Interactive

Media

&

Services

13

.8

%

Alphabet,

Inc.,

Class

C*

40,146

5,692,703

Meta

Platforms,

Inc.,

Class

A*

20,488

7,993,188

13,685,891

IT

Services

1

.6

%

Snowflake,

Inc.,

Class

A*

8,122

1,588,988

Oil,

Gas

&

Consumable

Fuels

3

.6

%

Canadian

Natural

Resources

Ltd.

55,663

3,561,875

Pharmaceuticals

10

.7

%

Eli

Lilly

&

Co.

11,565

7,466,480

Novo

Nordisk

A/S,

ADR-DK

27,593

3,166,021

10,632,501

Semiconductors

&

Semiconductor

Equipment

23

.4

%

Advanced

Micro

Devices,

Inc.*

17,893

3,000,477

ARM

Holdings

plc,

ADR*(a)

20,118

1,421,739

Broadcom,

Inc.

3,876

4,573,680

Lam

Research

Corp.

3,431

2,831,159

Micron

Technology,

Inc.

13,609

1,166,972

NVIDIA

Corp.

16,523

10,166,106

23,160,133

Common

Stocks

Shares

Value

($)

Software

22

.9

%

AppLovin

Corp.,

Class

A*

93,680

3,853,058

Datadog,

Inc.,

Class

A*

8,859

1,102,414

Intuit,

Inc.

3,259

2,057,504

Microsoft

Corp.

15,906

6,323,908

Salesforce,

Inc.*

10,661

2,996,701

ServiceNow,

Inc.*

4,306

3,295,812

Synopsys,

Inc.*

5,637

3,006,494

22,635,891

Total

Common

Stocks

(cost

$69,150,511)

97,853,244

Repurchase

Agreement

1

.3

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,330,045,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,356,645.(b)

1,329,848

1,329,848

Total

Repurchase

Agreement

(cost

$1,329,848)

1,329,848

Total

Investments

(cost

$70,480,359)

—

100.1%

99,183,092

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

130,270

)

NET

ASSETS

—

100.0%

$

99,052,822

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$5,722,430,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,329,848

and

by

$4,595,419

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$5,925,267.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,329,848.

ADR

American

Depositary

Receipt

DK

Denmark

38

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

GQG

US

Quality

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

GQG

US

Quality

Equity

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

97,853,244

$

–

$

–

$

97,853,244

Repurchase

Agreement

–

1,329,848

–

1,329,848

Total

$

97,853,244

$

1,329,848

$

–

$

99,183,092

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

40

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

Common

Stocks

98

.9

%

Shares

Value

($)

Aerospace

&

Defense

4

.4

%

Boeing

Co.

(The)*

40,513

8,549,863

Air

Freight

&

Logistics

1

.3

%

Expeditors

International

of

Washington,

Inc.

19,537

2,468,109

Automobile

Components

0

.8

%

Mobileye

Global,

Inc.,

Class

A*(a)

56,792

1,468,641

Automobiles

3

.3

%

Tesla,

Inc.*

33,833

6,336,583

Beverages

4

.6

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

5,356

1,870,690

Monster

Beverage

Corp.*

126,327

6,950,512

8,821,202

Biotechnology

5

.3

%

Alnylam

Pharmaceuticals,

Inc.*

22,303

3,856,411

CRISPR

Therapeutics

AG*(a)

25,205

1,586,655

Regeneron

Pharmaceuticals,

Inc.*

5,160

4,864,745

10,307,811

Broadline

Retail

6

.3

%

Alibaba

Group

Holding

Ltd.,

ADR-CN

20,236

1,460,432

Amazon.com,

Inc.*

69,368

10,765,914

12,226,346

Capital

Markets

4

.4

%

FactSet

Research

Systems,

Inc.

6,166

2,934,523

MSCI,

Inc.,

Class

A

5,101

3,053,560

SEI

Investments

Co.

38,478

2,433,349

8,421,432

Entertainment

7

.7

%

Netflix,

Inc.*

17,665

9,965,003

Walt

Disney

Co.

(The)

50,199

4,821,614

14,786,617

Financial

Services

6

.2

%

Block,

Inc.,

Class

A*

29,671

1,928,912

PayPal

Holdings,

Inc.*

27,710

1,700,009

Visa,

Inc.,

Class

A(a)

30,221

8,258,190

11,887,111

Health

Care

Equipment

&

Supplies

1

.1

%

Intuitive

Surgical,

Inc.*

5,803

2,194,811

Health

Care

Technology

3

.1

%

Doximity,

Inc.,

Class

A*(a)

94,030

2,534,108

Veeva

Systems,

Inc.,

Class

A*(a)

16,804

3,485,318

6,019,426

Hotels,

Restaurants

&

Leisure

3

.2

%

Starbucks

Corp.

32,985

3,068,595

Yum

China

Holdings,

Inc.

41,577

1,438,148

Yum!

Brands,

Inc.

13,111

1,697,743

6,204,486

Interactive

Media

&

Services

12

.9

%

Alphabet,

Inc.,

Class

A*

50,760

7,111,476

Alphabet,

Inc.,

Class

C*

17,123

2,428,041

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Meta

Platforms,

Inc.,

Class

A*

39,025

15,225,214

24,764,731

IT

Services

1

.7

%

Shopify,

Inc.,

Class

A*

40,642

3,254,205

Life

Sciences

Tools

&

Services

1

.2

%

Illumina,

Inc.*

16,681

2,385,550

Machinery

0

.7

%

Deere

&

Co.

3,209

1,262,998

Pharmaceuticals

3

.6

%

Novartis

AG,

ADR-CH

15,614

1,615,580

Novo

Nordisk

A/S,

ADR-DK(a)

31,762

3,644,372

Roche

Holding

AG,

ADR(a)

47,200

1,658,608

6,918,560

Semiconductors

&

Semiconductor

Equipment

11

.2

%

ARM

Holdings

plc,

ADR*(a)

40,052

2,830,475

NVIDIA

Corp.

24,810

15,264,849

QUALCOMM,

Inc.

23,563

3,499,341

21,594,665

Software

15

.3

%

Autodesk,

Inc.*

24,195

6,140,933

Microsoft

Corp.

16,120

6,408,989

Oracle

Corp.

70,000

7,819,000

Salesforce,

Inc.*

16,589

4,663,002

Workday,

Inc.,

Class

A*

15,568

4,531,378

29,563,302

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Under

Armour,

Inc.,

Class

A*

154,866

1,180,079

Total

Common

Stocks

(cost

$99,905,988)

190,616,528

Repurchase

Agreements

4

.2

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$5,591,716,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$5,703,550.(b)

5,590,891

5,590,891

Nationwide

Loomis

All

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Societe

Generale,

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,471,664,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$2,520,727.(b)

2,471,301

2,471,301

Total

Repurchase

Agreements

(cost

$8,062,192)

8,062,192

Total

Investments

(cost

$107,968,180)

—

103.1%

198,678,720

Liabilities

in

excess

of

other

assets

—

(3.1)%

(

6,030,113

)

NET

ASSETS

—

100.0%

$

192,648,607

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$19,810,043,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,062,192

and

by

$12,286,439

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$20,348,631.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$8,062,192.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DK

Denmark

42

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Loomis

All

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Loomis

All

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

190,616,528

$

–

$

–

$

190,616,528

Repurchase

Agreements

–

8,062,192

–

8,062,192

Total

$

190,616,528

$

8,062,192

$

–

$

198,678,720

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

44

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

Common

Stocks

96

.9

%

Shares

Value

($)

Biotechnology

6

.2

%

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

135,336

1,920,418

Vericel

Corp.*

150,953

6,487,960

8,408,378

Electrical

Equipment

0

.9

%

Vicor

Corp.*(a)

33,982

1,280,102

Electronic

Equipment,

Instruments

&

Components

3

.2

%

Cognex

Corp.(a)

119,680

4,325,235

Health

Care

Equipment

&

Supplies

8

.3

%

Glaukos

Corp.*

62,504

5,564,731

Inari

Medical,

Inc.*(a)

11,438

651,394

Inogen,

Inc.*

73,923

525,962

Neogen

Corp.*(a)

57,347

888,879

OrthoPediatrics

Corp.*(a)

79,694

2,081,607

QuidelOrtho

Corp.*

5,162

353,649

Shockwave

Medical,

Inc.*

1,496

338,470

Tandem

Diabetes

Care,

Inc.*

41,134

937,855

11,342,547

Health

Care

Technology

4

.4

%

Veeva

Systems,

Inc.,

Class

A*

28,669

5,946,238

Life

Sciences

Tools

&

Services

14

.3

%

10X

Genomics,

Inc.,

Class

A*

77,251

3,219,049

Bio-Techne

Corp.

72,731

5,114,444

CryoPort,

Inc.*

179,279

2,601,338

Cytek

Biosciences,

Inc.*(a)

321,983

2,430,972

Repligen

Corp.*(a)

32,810

6,214,214

19,580,017

Machinery

3

.9

%

Energy

Recovery,

Inc.*(a)

79,057

1,226,174

Helios

Technologies,

Inc.(a)

98,570

4,066,998

5,293,172

Professional

Services

3

.3

%

Paycom

Software,

Inc.

23,755

4,519,151

Software

48

.9

%

Alarm.com

Holdings,

Inc.*

104,701

6,367,915

Alteryx,

Inc.,

Class

A*

4,651

220,736

ANSYS,

Inc.*

18,309

6,002,239

Appfolio,

Inc.,

Class

A*

28,929

6,342,973

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

78,970

1,488,585

Datadog,

Inc.,

Class

A*

50,310

6,260,576

DoubleVerify

Holdings,

Inc.*

37,949

1,518,339

Enfusion,

Inc.,

Class

A*(a)

305,863

2,416,318

Guidewire

Software,

Inc.*

56,193

6,275,634

Manhattan

Associates,

Inc.*(a)

26,474

6,421,533

nCino,

Inc.*

85,162

2,680,900

Olo,

Inc.,

Class

A*

443,347

2,292,104

PROS

Holdings,

Inc.*

28,418

978,148

Q2

Holdings,

Inc.*(a)

80,959

3,444,805

Smartsheet,

Inc.,

Class

A*

136,804

6,152,076

Tyler

Technologies,

Inc.*

12,418

5,249,710

Workiva,

Inc.,

Class

A*(a)

28,691

2,666,542

66,779,133

Trading

Companies

&

Distributors

3

.5

%

Xometry,

Inc.,

Class

A*(a)

148,690

4,784,844

Total

Common

Stocks

(cost

$101,372,274)

132,258,817

Rights

0

.0

%

†

Number

of

Rights

Value

($)

Health

Care

Equipment

&

Supplies

0

.0

%

†

ABIOMED,

Inc.,

CVR*^∞

17,107

0

Total

Rights

(cost

$17,449)

0

Repurchase

Agreements

2

.4

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,320,414,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,346,821.(b)

1,320,218

1,320,218

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,925,357,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$1,963,863.

(b)

1,925,073

1,925,073

Total

Repurchase

Agreements

(cost

$3,245,291)

3,245,291

Total

Investments

(cost

$104,635,014)

—

99.3%

135,504,108

Other

assets

in

excess

of

liabilities

—

0.7%

922,865

NET

ASSETS

—

100.0%

$

136,426,973

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$9,965,507,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,245,291

and

by

$7,378,239

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$10,623,530.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$3,245,291.

Nationwide

Small

Company

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

46

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Company

Growth

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

132,258,817

$

–

$

–

$

132,258,817

Repurchase

Agreements

–

3,245,291

–

3,245,291

Rights

–

–

–

–

Total

$

132,258,817

$

3,245,291

$

–

$

135,504,108

As

of

January

31,

2024,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

WCM

Focused

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

95

.0

%

Shares

Value

($)

Automobile

Components

2

.9

%

Dorman

Products,

Inc.*

77,100

6,276,711

Broadline

Retail

1

.8

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

55,100

3,963,343

Building

Products

10

.7

%

American

Woodmark

Corp.*

71,800

6,553,904

AZEK

Co.,

Inc.

(The),

Class

A*

150,900

5,818,704

CSW

Industrials,

Inc.

21,600

4,569,912

Hayward

Holdings,

Inc.*(a)

522,800

6,545,456

23,487,976

Capital

Markets

3

.4

%

Virtus

Investment

Partners,

Inc.

31,500

7,437,465

Chemicals

7

.2

%

Ashland,

Inc.

58,500

5,476,770

Element

Solutions,

Inc.

467,700

10,396,971

15,873,741

Commercial

Services

&

Supplies

3

.4

%

SP

Plus

Corp.*

47,808

2,473,108

UniFirst

Corp.

30,000

5,082,600

7,555,708

Construction

&

Engineering

7

.0

%

API

Group

Corp.*

300,900

9,484,368

EMCOR

Group,

Inc.

25,900

5,908,049

15,392,417

Consumer

Staples

Distribution

&

Retail

2

.4

%

Grocery

Outlet

Holding

Corp.*

217,000

5,377,260

Electronic

Equipment,

Instruments

&

Components

5

.8

%

ePlus,

Inc.*

170,200

12,856,908

Food

Products

2

.3

%

Lancaster

Colony

Corp.(a)

27,900

5,127,462

Ground

Transportation

3

.4

%

Landstar

System,

Inc.(a)

39,500

7,572,940

Health

Care

Equipment

&

Supplies

2

.5

%

ICU

Medical,

Inc.*

58,852

5,386,723

Health

Care

Providers

&

Services

11

.4

%

Addus

HomeCare

Corp.*

131,500

11,387,900

AMN

Healthcare

Services,

Inc.*

45,300

3,352,653

DocGo,

Inc.*(a)

751,000

2,778,700

Ensign

Group,

Inc.

(The)

67,600

7,653,672

25,172,925

Hotels,

Restaurants

&

Leisure

2

.7

%

Wyndham

Hotels

&

Resorts,

Inc.

76,600

5,969,438

Insurance

4

.0

%

Enstar

Group

Ltd.*

32,800

8,753,992

Machinery

3

.6

%

Hillman

Solutions

Corp.*

912,800

8,023,512

Personal

Care

Products

3

.1

%

Inter

Parfums,

Inc.

49,200

6,846,180

Professional

Services

5

.7

%

Verra

Mobility

Corp.,

Class

A*

521,300

12,464,283

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

2

.7

%

Cushman

&

Wakefield

plc*

557,300

5,862,796

Software

3

.4

%

MeridianLink,

Inc.*(a)

324,500

7,382,375

Specialty

Retail

2

.7

%

America's

Car-Mart,

Inc.*(a)

64,200

3,909,138

Boot

Barn

Holdings,

Inc.*(a)

28,100

2,015,894

5,925,032

Trading

Companies

&

Distributors

2

.9

%

Beacon

Roofing

Supply,

Inc.*

76,200

6,316,218

Total

Common

Stocks

(cost

$169,340,568)

209,025,405

Repurchase

Agreement

0

.6

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,337,125,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,363,867.(b)

1,336,927

1,336,927

Total

Repurchase

Agreement

(cost

$1,336,927)

1,336,927

Total

Investments

(cost

$170,677,495)

—

95.6%

210,362,332

Other

assets

in

excess

of

liabilities

—

4.4%

9,691,334

NET

ASSETS

—

100.0%

$

220,053,666

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$9,125,474,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,336,927

and

by

$8,264,600

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$9,601,527.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,336,927.

48

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

WCM

Focused

Small

Cap

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

WCM

Focused

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

209,025,405

$

–

$

–

$

209,025,405

Repurchase

Agreement

–

1,336,927

–

1,336,927

Total

$

209,025,405

$

1,336,927

$

–

$

210,362,332

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

95

.6

%

Shares

Value

($)

Automobile

Components

2

.8

%

Dorman

Products,

Inc.*

212,757

17,320,547

Fox

Factory

Holding

Corp.*

408,266

25,737,089

43,057,636

Banks

1

.0

%

Axos

Financial,

Inc.*

262,703

14,561,627

Biotechnology

0

.7

%

Vericel

Corp.*

248,354

10,674,255

Broadline

Retail

1

.7

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

364,533

26,220,859

Building

Products

5

.3

%

AAON,

Inc.(a)

593,704

41,654,273

Trex

Co.,

Inc.*

465,563

37,934,073

79,588,346

Chemicals

2

.5

%

Balchem

Corp.

269,740

37,806,758

Commercial

Services

&

Supplies

2

.2

%

Casella

Waste

Systems,

Inc.,

Class

A*

385,797

32,923,916

Communications

Equipment

0

.8

%

Digi

International,

Inc.*

509,678

12,390,272

Construction

&

Engineering

3

.7

%

Construction

Partners,

Inc.,

Class

A*

1,236,210

56,247,555

Consumer

Staples

Distribution

&

Retail

0

.8

%

Grocery

Outlet

Holding

Corp.*

504,849

12,510,158

Diversified

Consumer

Services

1

.4

%

Bright

Horizons

Family

Solutions,

Inc.*(a)

212,895

20,916,934

Electronic

Equipment,

Instruments

&

Components

5

.1

%

ePlus,

Inc.*

444,022

33,541,422

Novanta,

Inc.*

278,019

42,967,836

76,509,258

Financial

Services

0

.8

%

I3

Verticals,

Inc.,

Class

A*

670,896

12,572,591

Food

Products

1

.9

%

J

&

J

Snack

Foods

Corp.(a)

184,191

29,328,733

Ground

Transportation

1

.5

%

Marten

Transport

Ltd.(a)

1,197,618

22,155,933

Health

Care

Equipment

&

Supplies

5

.3

%

Globus

Medical,

Inc.,

Class

A*

563,019

29,721,773

LeMaitre

Vascular,

Inc.(a)

323,571

18,780,061

Neogen

Corp.*

776,711

12,039,020

Omnicell,

Inc.*

229,687

7,389,031

STAAR

Surgical

Co.*(a)

256,363

7,180,728

UFP

Technologies,

Inc.*

29,416

4,956,890

80,067,503

Health

Care

Providers

&

Services

1

.5

%

HealthEquity,

Inc.*

292,918

22,138,743

Health

Care

Technology

1

.4

%

Certara,

Inc.*(a)

1,359,187

21,964,462

Hotels,

Restaurants

&

Leisure

2

.9

%

Texas

Roadhouse,

Inc.,

Class

A

344,798

43,348,005

Common

Stocks

Shares

Value

($)

Household

Products

1

.3

%

WD-40

Co.(a)

78,645

20,367,482

Insurance

4

.4

%

Kinsale

Capital

Group,

Inc.(a)

148,199

58,919,477

Palomar

Holdings,

Inc.*

125,543

7,516,259

66,435,736

IT

Services

1

.5

%

Perficient,

Inc.*(a)

345,289

23,524,540

Life

Sciences

Tools

&

Services

3

.3

%

Azenta,

Inc.*(a)

184,058

12,000,582

BioLife

Solutions,

Inc.*

317,479

5,397,143

Bio-Techne

Corp.

366,460

25,769,467

Mesa

Laboratories,

Inc.(a)

71,168

6,520,412

49,687,604

Machinery

8

.2

%

Barnes

Group,

Inc.

98,674

3,267,096

Donaldson

Co.,

Inc.

260,204

16,806,577

ESCO

Technologies,

Inc.

314,582

32,046,468

RBC

Bearings,

Inc.*(a)

207,100

55,614,634

SPX

Technologies,

Inc.*

168,191

16,926,742

124,661,517

Passenger

Airlines

0

.5

%

Allegiant

Travel

Co.

90,363

7,084,459

Professional

Services

7

.7

%

ExlService

Holdings,

Inc.*(a)

1,622,418

50,749,235

Exponent,

Inc.

546,004

48,152,093

NV5

Global,

Inc.*

162,396

17,033,716

115,935,044

Semiconductors

&

Semiconductor

Equipment

4

.4

%

Onto

Innovation,

Inc.*

414,337

66,915,426

Software

18

.9

%

Agilysys,

Inc.*

225,726

18,895,524

Alarm.com

Holdings,

Inc.*

462,539

28,131,622

Blackbaud,

Inc.*

436,808

35,346,503

BlackLine,

Inc.*

306,993

18,014,349

Descartes

Systems

Group,

Inc.

(The)*

518,209

45,389,926

DoubleVerify

Holdings,

Inc.*

686,009

27,447,220

Envestnet,

Inc.*(a)

388,611

19,858,022

Fair

Isaac

Corp.*

34,593

41,471,126

SPS

Commerce,

Inc.*

164,742

30,279,580

Tyler

Technologies,

Inc.*

50,360

21,289,690

286,123,562

Trading

Companies

&

Distributors

2

.1

%

SiteOne

Landscape

Supply,

Inc.*(a)

201,995

31,218,327

Total

Common

Stocks

(cost

$912,962,196)

1,446,937,241

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

Repurchase

Agreement

0

.1

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,774,036,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,809,516.(b)

1,773,773

1,773,773

Total

Repurchase

Agreement

(cost

$1,773,773)

1,773,773

Total

Investments

(cost

$914,735,969)

—

95.7%

1,448,711,014

Other

assets

in

excess

of

liabilities

—

4.3%

64,404,859

NET

ASSETS

—

100.0%

$

1,513,115,873

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$117,988,067,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,773,773

and

by

$121,478,530

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$123,252,303.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,773,773.

Nationwide

Geneva

Small

Cap

Growth

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Geneva

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,446,937,241

$

–

$

–

$

1,446,937,241

Repurchase

Agreement

–

1,773,773

–

1,773,773

Total

$

1,446,937,241

$

1,773,773

$

–

$

1,448,711,014

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

11.1%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

4.2%

Other

4.2%

AB

BSL

CLO

1

Ltd.,

Series

2020-1A,

Class

A1R,

6.68%,

1/15/2035(a)(b)

635,000

635,329

AMMC

CLO

XI

Ltd.,

Series

2012-11A,

Class

A1R2,

6.59%,

4/30/2031(a)(b)

1,841,395

1,841,669

Barings

CLO

Ltd.,

Series

2019-3A,

Class

A1R,

6.65%,

4/20/2031(a)(b)

3,500,000

3,500,791

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-

9A,

Class

A1,

6.56%,

4/20/2031(a)(b)

1,657,739

1,

656,071

CIFC

Funding

Ltd.,

Series

2018-2A,

Class

A1,

6.62%,

4/20/2031(a)(b)

1,806,569

1,807,036

Diameter

Capital

CLO

4

Ltd.,

Series

2022-4A,

Class

A1R,

7.14%,

1/15/2037(a)(b)

2,000,000

2,012,188

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

AR2,

6.69%,

10/29/2029(a)(b)

372,313

372,539

Hayfin

US

XII

Ltd.,

Series

2018-8A,

Class

A,

6.70%,

4/20/2031(a)(b)

1,663,046

1,663,497

Invesco

CLO

Ltd.,

Series

2021-2A,

Class

A,

6.70%,

7/15/2034(a)(b)

3,000,000

2,994,837

LCM

39

Ltd.,

Series

39A,

Class

A1,

7.27%,

10/15/2034(a)(b)

745,000

747,637

Oaktree

CLO

Ltd.,

Series

2021-1A,

Class

A1,

6.74%,

7/15/2034(a)(b)

3,500,000

3,500,381

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

AR,

6.72%,

7/20/2034(a)

(b)

3,300,000

3,301,930

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

6.79%,

11/14/2034(a)(b)

4,000,000

3,999,956

Park

Blue

CLO

2022-II

Ltd.,

Series

2022-

2A,

Class

A1,

7.87%,

1/20/2035(a)(b)

1,500,000

1,507,203

PARK

BLUE

CLO

Ltd.,

Series

2023-3A,

Class

A1,

7.32%,

4/20/2036(a)

(b)

3,500,000

3,521,427

RR

26

Ltd.,

Series

2023-

26A,

Class

A1,

7.09%,

4/15/2038(a)(b)

2,200,000

2,209,676

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

6.64%,

7/20/2032(a)(b)

2,000,000

2,000,228

37,272,395

HONG

KONG

0.4%

Other

0.4%

Prudential

plc,

Series

2022-6RA,

Class

A1R,

7.30%,

1/20/2037(a)(b)

3,300,000

3,314,078

JERSEY

0.7%

Other

0.7%

Benefit

Street

Partners

CLO

XXX

Ltd.,

Series

2023-30A,

Class

A,

7.42%,

4/25/2036(a)(b)

3,200,000

3,225,139

Halseypoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A,

7.57%,

7/20/2036(a)

(b)

2,100,000

2,117,434

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

A1,

7.77%,

1/20/2036(a)

(b)

1,100,000

1,109,013

6,451,586

UNITED

STATES

5.8%

Automobiles

3.9%

Bank

of

America

Auto

Trust,

Series

2023-

2A,

Class

A2,

5.85%,

8/17/2026(b)

1,525,000

1,532,625

Ford

Credit

Auto

Lease

Trust,

Series

2024-A,

Class

A2A,

5.24%,

7/15/2026

3,450,000

3,453,682

Ford

Credit

Auto

Owner

Trust,

Series

2023-C,

Class

A2A,

5.68%,

9/15/2026

2,925,000

2,936,374

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-4,

Class

A2A,

5.89%,

11/16/2026

2,475,000

2,486,215

GMF

Floorplan

Owner

Revolving

Trust,

Series

2023-1,

Class

A1,

5.34%,

6/15/2028(b)

2,200,000

2,226,685

Honda

Auto

Receivables

Owner

Trust,

Series

2023-4,

Class

A3,

5.67%,

6/21/2028

3,825,000

3,903,628

Hyundai

Auto

Lease

Securitization

Trust,

Series

2024-A,

Class

A2A,

5.15%,

6/15/2026(b)

3,450,000

3,452,831

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Hyundai

Auto

Receivables

Trust,

Series

2023-A,

Class

A2A,

5.19%,

12/15/2025

1,611,096

1,608,666

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-2,

Class

A2,

5.92%,

11/16/2026

550,000

553,598

Nissan

Auto

Lease

Trust,

Series

2024-A,

Class

A2A,

5.11%,

10/15/2026

4,475,000

4,484,047

Nissan

Auto

Receivables

Owner

Trust

Series

2023-A,

Class

A2A,

5.34%,

2/17/2026

1,970,458

1,968,473

Series

2023-B,

Class

A3,

5.93%,

3/15/2028

725,000

741,334

Santander

Drive

Auto

Receivables

Trust

Series

2021-1,

Class

D,

1.13%,

11/16/2026

394,369

385,155

Series

2024-1,

Class

A2,

5.71%,

2/16/2027

1,975,000

1,975,342

Series

2023-6,

Class

A2,

6.08%,

5/17/2027

2,550,000

2,559,579

Series

2021-3,

Class

D,

1.33%,

9/15/2027

1,000,000

959,667

35,227,901

Credit

Card

1.8%

American

Express

Credit

Account

Master

Trust,

Series

2022-2,

Class

A,

3.39%,

5/15/2027

2,650,000

2,603,490

Barclays

Dryrock

Issuance

Trust

Series

2023-2,

Class

A,

6.25%,

8/15/2028(a)

2,350,000

2,355,375

Series

2023-1,

Class

A,

4.72%,

2/15/2029

4,400,000

4,407,439

Capital

One

Multi-Asset

Execution

Trust

Series

2022-A2,

Class

A,

3.49%,

5/15/2027

2,650,000

2,602,582

Series

2022-A3,

Class

A,

4.95%,

10/15/2027

2,200,000

2,206,921

Discover

Card

Execution

Note

Trust,

Series

2023-

A1,

Class

A,

4.31%,

3/15/2028

2,300,000

2,286,085

16,461,892

Home

Equity

0.1%

JP

Morgan

Mortgage

Trust,

Series

2023-

HE3,

Class

A1,

6.95%,

5/25/2054(a)(b)

879,322

882,663

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

0.0%

†

Helios

Issuer

LLC,

Series

2023-GRID1,

Class

1A,

5.75%,

12/20/2050(b)

270,011

277,579

52,850,035

Total

Asset-Backed

Securities

(cost  $99,165,249)

99,888,094

Collateralized

Mortgage

Obligations

2.0%

UNITED

STATES

2.0%

Angel

Oak

Mortgage

Trust,

Series

2021-6,

Class

A1,

1.46%,

9/25/2066(a)(b)

538,991

443,726

BRAVO

Residential

Funding

Trust,

Series

2024-NQM1,

Class

A1,

5.94%,

12/1/2063(b)(c)

2,750,000

2,749,273

Connecticut

Avenue

Securities

Trust

Series

2020-R01,

Class

1M2,

7.51%,

1/25/2040(a)(b)

84,831

86,051

Series

2023-R03,

Class

2M2,

9.24%,

4/25/2043(a)(b)

694,218

745,210

Series

2023-R05,

Class

1M2,

8.44%,

6/25/2043(a)(b)

390,000

410,156

Series

2023-R06,

Class

1M2,

8.04%,

7/25/2043(a)(b)

400,000

415,656

Series

2023-R08,

Class

1M2,

7.84%,

10/25/2043(a)(b)

760,000

785,443

Series

2024-R01,

Class

1M2,

7.14%,

1/25/2044(a)(b)

600,000

602,625

FHLMC

STACR

REMIC

Trust

Series

2022-HQA1,

Class

M1B,

8.84%,

3/25/2042(a)(b)

650,000

680,136

Series

2023-HQA2,

Class

M1B,

8.69%,

6/25/2043(a)(b)

653,000

687,473

FHLMC

STACR

Trust,

Series

2019-HQA2,

Class

M2,

7.51%,

4/25/2049(a)(b)

789,188

793,134

GNMA

REMICS,

Series

2021-135,

Class

A,

2.00%,

8/20/2051

7,603,855

6,262,116

OBX

Trust

Series

2024-NQM1,

Class

A1,

5.93%,

11/25/2063(b)(c)

2,825,000

2,840,093

Series

2024-NQM1,

Class

A2,

6.25%,

11/25/2063(b)(c)

150,000

150,931

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

OBX

Trust

Towd

Point

Mortgage

Trust,

Series

2020-1,

Class

A2A,

3.10%,

1/25/2060(a)(b)

770,000

676,802

18,328,825

0

Total

Collateralized

Mortgage

Obligations

(cost

$18,233,221)

18,328,825

Commercial

Mortgage-Backed

Securities

4.5%

UNITED

STATES

4.5%

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

1,000,000

946,985

Series

2022-BNK39,

Class

A4,

2.93%,

2/15/2055(a)

1,900,000

1,662,826

Series

2022-BNK43,

Class

A5,

4.40%,

8/15/2055

1,250,000

1,205,230

Series

2023-BNK46,

Class

A4,

5.75%,

8/15/2056

1,750,000

1,863,452

Series

2020-BN27,

Class

A5,

2.14%,

4/15/2063

796,000

660,935

Series

2022-BNK40,

Class

A4,

3.51%,

3/15/2064(a)

2,380,000

2,156,292

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

Series

2016-UB10,

Class

A4,

3.17%,

7/15/2049

735,000

695,996

BBCMS

Mortgage

Trust

Series

2023-C21,

Class

AS,

6.51%,

9/15/2056(a)

900,000

960,198

Series

2024-C24,

Class

A5,

5.42%,

2/15/2057

1,075,000

1,122,810

BMO

Mortgage

Trust

,

Series

2022-C3,

Class

A5,

5.31%,

9/15/2054

400,000

410,842

BX

Commercial

Mortgage

Trust

Series

2024-XL4,

Class

A,

0.00%,

2/15/2039(a)

(b)

2,900,000

2,902,907

Series

2023-VLT2,

Class

A,

7.61%,

6/15/2040(a)(b)

2,000,000

2,005,479

BX

Trust

,

Series

2024-

BIO,

Class

A,

0.00%,

2/15/2041(a)(b)

2,775,000

2,774,133

Citigroup

Commercial

Mortgage

Trust

Series

2023-PRM3,

Class

A,

6.57%,

7/10/2028(a)(b)

1,500,000

1,559,839

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

Series

2019-GC41,

Class

A4,

2.62%,

8/10/2056

500,000

443,658

Series

2019-C7,

Class

A4,

3.10%,

12/15/2072

510,000

460,361

FHLMC

Multifamily

Structured

Pass-

Through

Certificates

REMICS

Series

K077,

Class

A2,

3.85%,

5/25/2028(a)

2,000,000

1,958,237

Series

K086,

Class

A2,

3.86%,

11/25/2028(a)

1,000,000

977,748

Series

K126,

Class

A2,

2.07%,

1/25/2031

1,000,000

860,432

Series

KF153,

Class

AS,

6.02%,

2/25/2033(a)

800,000

799,208

FNMA

ACES

REMICS,

Series

2022-M1,

Class

A2,

1.72%,

10/25/2031(a)

1,000,000

818,108

GS

Mortgage

Securities

Trust

,

Series

2017-

GS7,

Class

A4,

3.43%,

8/10/2050

1,400,000

1,306,366

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2022-OPO,

Class

A,

3.02%,

1/5/2039(b)

650,000

580,775

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C21,

Class

A5,

3.77%,

8/15/2047

752,000

744,785

Series

2015-C30,

Class

AS,

4.23%,

7/15/2048(a)

500,000

461,886

Series

2015-C31,

Class

A3,

3.80%,

8/15/2048

333,756

322,327

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-

C7,

Class

A5,

3.41%,

10/15/2050

500,000

466,083

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-

C25,

Class

A4,

3.37%,

10/15/2048

535,000

521,155

Morgan

Stanley

Capital

I

Trust

,

Series

2017-

H1,

Class

AS,

3.77%,

6/15/2050

500,000

467,261

MSWF

Commercial

Mortgage

Trust

,

Series

2023-2,

Class

A2,

6.89%,

12/15/2056

2,050,000

2,178,136

One

New

York

Plaza

Trust

,

Series

2020-

1NYP,

Class

A,

6.40%,

1/15/2036(a)(b)

400,000

393,242

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

TYSN

Mortgage

Trust

,

Series

2023-CRNR,

Class

A,

6.80%,

12/10/2033(a)(b)

1,850,000

1,947,815

Wells

Fargo

Commercial

Mortgage

Trust

Series

2019-C52,

Class

A5,

2.89%,

8/15/2052

530,000

476,278

Series

2020-C58,

Class

A4,

2.09%,

7/15/2053

2,815,000

2,351,680

Series

2016-C33,

Class

A4,

3.43%,

3/15/2059

1,225,000

1,175,879

Total

Commercial

Mortgage-Backed

Securities

(cost

$41,305,846)

40,639,344

Corporate

Bonds

33.3%

BELGIUM

1.0%

Beverages

1.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

2/1/2036

3,025,000

2,988,263

Anheuser-Busch

InBev

Worldwide,

Inc.,

4.75%,

1/23/2029

5,775,000

5,831,512

8,819,775

CANADA

0.4%

Banks

0.3%

Bank

of

Nova

Scotia

(The),

2.20%,

2/3/2025

1,000,000

971,655

Canadian

Imperial

Bank

of

Commerce,

1.25%,

6/22/2026

850,000

783,030

Royal

Bank

of

Canada,

2.05%,

1/21/2027

500,000

466,166

2,220,851

Capital

Markets

0.0%

†

Brookfield

Finance,

Inc.,

4.85%,

3/29/2029

300,000

299,022

Oil,

Gas

&

Consumable

Fuels

0.1%

Enbridge,

Inc.

1.60%,

10/4/2026

400,000

368,739

2.50%,

8/1/2033

925,000

744,875

1,113,614

Professional

Services

0.0%

†

Thomson

Reuters

Corp.,

3.35%,

5/15/2026

100,000

96,644

3,730,131

CHINA

0.4%

Semiconductors

&

Semiconductor

Equipment

0.4%

NXP

BV

3.15%,

5/1/2027

265,000

251,632

3.40%,

5/1/2030

2,725,000

2,490,683

2.50%,

5/11/2031(d)

400,000

336,499

3,078,814

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

0.1%

Banks

0.1%

BPCE

SA,

4.63%,

9/12/2028(b)

1,250,000

1,223,645

GERMANY

0.1%

Capital

Markets

0.1%

Deutsche

Bank

AG

(SOFR

+

1.13%),

1.45%,

4/1/2025(e)

1,000,000

991,847

(SOFR

+

1.22%),

2.31%,

11/16/2027(e)

150,000

137,256

1,129,103

IRELAND

0.3%

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

3.00%,

10/29/2028

1,075,000

975,351

3.30%,

1/30/2032

764,000

654,840

3.40%,

10/29/2033

1,325,000

1,119,239

2,749,430

JAPAN

0.4%

Banks

0.4%

Mitsubishi

UFJ

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

0.95%,

7/19/2025(e)

880,000

860,946

Mizuho

Financial

Group,

Inc.,

(CME

Term

SOFR

3

Month

+

1.24%),

2.84%,

7/16/2025(e)

400,000

395,102

Sumitomo

Mitsui

Financial

Group,

Inc.,

0.95%,

1/12/2026

2,250,000

2,086,622

3,342,670

Capital

Markets

0.0%

†

Nomura

Holdings,

Inc.,

5.10%,

7/3/2025(d)

320,000

318,736

3,661,406

MEXICO

0.5%

Beverages

0.2%

Coca-Cola

Femsa

SAB

de

CV,

2.75%,

1/22/2030

1,852,000

1,678,616

Construction

&

Engineering

0.3%

Mexico

City

Airport

Trust,

Reg.

S,

3.88%,

4/30/2028

2,510,000

2,326,273

Metals

&

Mining

0.0%

†

Southern

Copper

Corp.,

3.88%,

4/23/2025

185,000

181,321

4,186,210

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

NETHERLANDS

0.0%

†

Banks

0.0%

†

Cooperatieve

Rabobank

UA,

4.38%,

8/4/2025

250,000

246,098

QATAR

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

QatarEnergy,

Reg.

S,

2.25%,

7/12/2031

1,570,000

1,312,244

SAUDI

ARABIA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Saudi

Arabian

Oil

Co.,

Reg.

S,

3.50%,

4/16/2029

2,370,000

2,210,025

SOUTH

KOREA

0.0%

†

Metals

&

Mining

0.0%

†

POSCO,

5.75%,

1/17/2028(b)

350,000

358,544

SPAIN

0.4%

Banks

0.3%

Banco

Santander

SA,

6.92%,

8/8/2033

2,400,000

2,535,010

Diversified

Telecommunication

Services

0.1%

Telefonica

Emisiones

SA,

4.67%,

3/6/2038

825,000

756,749

3,291,759

SWITZERLAND

0.3%

Capital

Markets

0.3%

UBS

Group

AG

(SOFR

+

1.56%),

2.59%,

9/11/2025(b)(e)

793,000

778,342

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.76%),

9.25%,

11/13/2033(b)(e)(f)

370,000

403,082

(SOFR

+

5.02%),

9.02%,

11/15/2033(b)(e)

975,000

1,198,548

2,379,972

UNITED

ARAB

EMIRATES

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Galaxy

Pipeline

Assets

Bidco

Ltd.,

Reg.

S,

2.63%,

3/31/2036

2,770,000

2,249,563

UNITED

KINGDOM

0.6%

Banks

0.2%

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.72%,

8/11/2026(e)

730,000

722,606

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(e)

1,235,000

1,162,042

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Banks

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

9/30/2028(d)(e)

275,000

277,059

2,161,707

Beverages

0.0%

†

Diageo

Capital

plc,

2.00%,

4/29/2030(d)

400,000

345,677

Food

Products

0.1%

Unilever

Capital

Corp.,

2.90%,

5/5/2027

450,000

429,846

Ground

Transportation

0.1%

Ashtead

Capital,

Inc.,

5.80%,

4/15/2034(b)

952,000

957,351

Tobacco

0.2%

BAT

Capital

Corp.

3.56%,

8/15/2027

300,000

286,682

2.26%,

3/25/2028

970,000

870,683

7.75%,

10/19/2032

110,000

124,906

BAT

International

Finance

plc,

4.45%,

3/16/2028

325,000

317,895

1,600,166

5,494,747

UNITED

STATES

28.0%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The)

5.04%,

5/1/2027

200,000

200,273

3.38%,

6/15/2046

2,650,000

1,868,723

3.85%,

11/1/2048

450,000

333,590

Huntington

Ingalls

Industries,

Inc.,

3.48%,

12/1/2027

500,000

473,635

RTX

Corp.

3.95%,

8/16/2025

800,000

789,860

6.10%,

3/15/2034

2,670,000

2,897,842

4.05%,

5/4/2047

825,000

688,582

7,252,505

Automobiles

0.6%

General

Motors

Co.,

5.95%,

4/1/2049(d)

1,375,000

1,353,543

Hyundai

Capital

America

5.70%,

6/26/2030(b)

1,300,000

1,342,129

6.20%,

9/21/2030(b)

2,410,000

2,560,159

5,255,831

Banks

3.0%

Bank

of

America

Corp.,

Series

L,

3.95%,

4/21/2025

1,000,000

983,937

Bank

of

America

Corp.

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(e)

500,000

484,798

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

1.63%),

5.20%,

4/25/2029(e)

2,745,000

2,767,454

(SOFR

+

1.06%),

2.09%,

6/14/2029(d)(e)

4,075,000

3,611,701

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(e)

1,209,000

970,272

6.11%,

1/29/2037

3,050,000

3,293,255

Citigroup,

Inc.

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

580,000

577,109

4.40%,

6/10/2025(d)

200,000

197,708

4.45%,

9/29/2027

400,000

392,155

(SOFR

+

1.35%),

3.06%,

1/25/2033(e)

3,650,000

3,126,507

HSBC

USA,

Inc.,

3.75%,

5/24/2024

220,000

218,694

JPMorgan

Chase

&

Co.

2.95%,

10/1/2026

753,000

720,213

(CME

Term

SOFR

3

Month

+

2.52%),

2.96%,

5/13/2031(e)

400,000

353,038

(SOFR

+

1.26%),

2.96%,

1/25/2033(e)

425,000

365,723

(SOFR

+

1.80%),

4.59%,

4/26/2033(d)(e)

5,075,000

4,901,744

M&T

Bank

Corp.

(SOFR

+

2.80%),

7.41%,

10/30/2029(e)

1,135,000

1,222,822

(SOFR

+

1.85%),

5.05%,

1/27/2034(e)

1,280,000

1,207,397

US

Bancorp,

(SOFR

+

2.02%),

5.78%,

6/12/2029(e)

1,025,000

1,050,112

Wells

Fargo

&

Co.,

(SOFR

+

2.10%),

4.90%,

7/25/2033(e)

366,000

357,678

26,802,317

Beverages

0.2%

Constellation

Brands,

Inc.,

4.40%,

11/15/2025

800,000

791,902

Keurig

Dr

Pepper,

Inc.

3.95%,

4/15/2029(d)

573,000

554,594

3.20%,

5/1/2030

470,000

430,353

1,776,849

Biotechnology

0.7%

AbbVie,

Inc.

4.30%,

5/14/2036

742,000

707,852

4.25%,

11/21/2049

946,000

830,860

Amgen,

Inc.

5.25%,

3/2/2030

1,848,000

1,892,019

5.25%,

3/2/2033

1,882,000

1,919,947

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Biotechnology

Regeneron

Pharmaceuticals,

Inc.,

1.75%,

9/15/2030(d)

1,546,000

1,277,100

6,627,778

Building

Products

0.4%

Carlisle

Cos.,

Inc.,

2.75%,

3/1/2030

371,000

326,743

Carrier

Global

Corp.,

5.90%,

3/15/2034(b)

3,075,000

3,285,933

3,612,676

Capital

Markets

2.3%

Ares

Capital

Corp.

2.15%,

7/15/2026

2,350,000

2,145,212

2.88%,

6/15/2028

500,000

444,075

Barings

BDC,

Inc.,

3.30%,

11/23/2026

25,000

23,152

Blackstone

Private

Credit

Fund,

2.70%,

1/15/2025

130,000

126,179

Charles

Schwab

Corp.

(The)

3.63%,

4/1/2025

1,000,000

982,132

2.45%,

3/3/2027

205,000

191,411

CME

Group,

Inc.,

2.65%,

3/15/2032

60,000

52,357

FactSet

Research

Systems,

Inc.,

2.90%,

3/1/2027

925,000

873,145

FS

KKR

Capital

Corp.

3.40%,

1/15/2026

200,000

190,163

2.63%,

1/15/2027

500,000

454,521

3.25%,

7/15/2027

1,350,000

1,239,135

Golub

Capital

BDC,

Inc.,

2.50%,

8/24/2026

163,000

148,697

LPL

Holdings,

Inc.,

4.00%,

3/15/2029(b)

1,740,000

1,603,617

Morgan

Stanley

4.00%,

7/23/2025

200,000

197,445

5.00%,

11/24/2025

300,000

299,921

3.63%,

1/20/2027

1,000,000

972,447

(SOFR

+

1.59%),

5.16%,

4/20/2029(e)

2,255,000

2,269,768

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(e)

4,700,000

4,580,600

(SOFR

+

1.73%),

5.47%,

1/18/2035(e)

420,000

428,611

(SOFR

+

1.36%),

2.48%,

9/16/2036(e)

1,975,000

1,578,303

Nasdaq,

Inc.,

3.85%,

6/30/2026

200,000

195,556

Prospect

Capital

Corp.

3.71%,

1/22/2026

400,000

376,238

3.44%,

10/15/2028

150,000

129,404

S&P

Global,

Inc.,

4.75%,

8/1/2028

780,000

791,809

20,293,898

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Chemicals

0.4%

Cabot

Corp.,

4.00%,

7/1/2029

720,000

681,748

Celanese

US

Holdings

LLC

6.05%,

3/15/2025

643,000

646,168

1.40%,

8/5/2026

230,000

209,417

6.33%,

7/15/2029

250,000

260,527

DuPont

de

Nemours,

Inc.,

4.49%,

11/15/2025

150,000

148,821

EIDP,

Inc.,

2.30%,

7/15/2030

395,000

344,706

Huntsman

International

LLC,

4.50%,

5/1/2029

1,020,000

980,309

3,271,696

Commercial

Services

&

Supplies

0.7%

Cintas

Corp.

No.

2

3.45%,

5/1/2025

565,000

554,764

3.70%,

4/1/2027

4,000

3,914

Republic

Services,

Inc.,

3.95%,

5/15/2028

2,980,000

2,918,099

Veralto

Corp.,

5.45%,

9/18/2033(b)

2,550,000

2,614,248

6,091,025

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

4.60%,

2/23/2028

1,190,000

1,184,419

4.60%,

5/23/2029

1,658,000

1,644,634

2,829,053

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

2.90%,

10/1/2030

100,000

87,715

2.35%,

1/15/2032

505,000

412,065

499,780

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.,

3.50%,

12/15/2027

300,000

288,242

Consumer

Finance

0.1%

American

Express

Co.

3.38%,

5/3/2024

220,000

218,755

3.95%,

8/1/2025

200,000

197,000

Capital

One

Financial

Corp.,

3.75%,

7/28/2026

550,000

530,096

945,851

Diversified

REITs

0.2%

Digital

Realty

Trust

LP,

3.70%,

8/15/2027(d)

200,000

193,443

GLP

Capital

LP,

5.75%,

6/1/2028

510,000

513,467

Simon

Property

Group

LP,

1.38%,

1/15/2027

80,000

73,238

VICI

Properties

LP

4.38%,

5/15/2025

1,090,000

1,071,435

4.50%,

1/15/2028(b)

250,000

238,980

2,090,563

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Diversified

Telecommunication

Services

1.4%

AT&T,

Inc.

1.65%,

2/1/2028

2,300,000

2,050,651

2.75%,

6/1/2031

6,475,000

5,631,748

4.85%,

3/1/2039(d)

1,000,000

952,146

Sprint

Capital

Corp.,

8.75%,

3/15/2032

855,000

1,048,028

Verizon

Communications,

Inc.

0.85%,

11/20/2025

1,500,000

1,397,954

2.55%,

3/21/2031(d)

1,525,000

1,310,899

12,391,426

Electric

Utilities

1.0%

American

Electric

Power

Co.,

Inc.,

2.30%,

3/1/2030

100,000

86,148

Arizona

Public

Service

Co.,

2.20%,

12/15/2031

210,000

171,418

Commonwealth

Edison

Co.,

2.20%,

3/1/2030

149,000

129,290

Duke

Energy

Corp.,

4.30%,

3/15/2028

90,000

88,331

Entergy

Texas,

Inc.,

4.00%,

3/30/2029

100,000

97,448

Eversource

Energy,

4.20%,

6/27/2024

665,000

660,947

Georgia

Power

Co.,

4.70%,

5/15/2032

390,000

385,116

Indiana

Michigan

Power

Co.,

3.85%,

5/15/2028

200,000

193,917

Interstate

Power

and

Light

Co.,

4.10%,

9/26/2028

100,000

97,262

NSTAR

Electric

Co.,

3.20%,

5/15/2027(d)

100,000

96,386

Oncor

Electric

Delivery

Co.

LLC

4.15%,

6/1/2032(d)

125,000

119,751

4.55%,

9/15/2032(d)

160,000

157,785

Pacific

Gas

and

Electric

Co.,

3.30%,

8/1/2040

1,500,000

1,110,841

PacifiCorp

2.70%,

9/15/2030

100,000

87,241

5.80%,

1/15/2055

1,410,000

1,412,604

PPL

Capital

Funding,

Inc.,

3.10%,

5/15/2026(d)

50,000

48,099

Southern

Co.

(The),

Series

21-B,

1.75%,

3/15/2028

550,000

491,039

Southwestern

Electric

Power

Co.,

Series

N,

1.65%,

3/15/2026(d)

250,000

233,717

Tucson

Electric

Power

Co.,

1.50%,

8/1/2030

100,000

81,520

Union

Electric

Co.,

2.95%,

3/15/2030(d)

100,000

90,455

Virginia

Electric

and

Power

Co.,

Series

B,

3.75%,

5/15/2027(d)

185,000

180,348

Wisconsin

Power

and

Light

Co.

1.95%,

9/16/2031

35,000

28,311

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Electric

Utilities

3.95%,

9/1/2032

155,000

146,044

Xcel

Energy,

Inc.

3.35%,

12/1/2026

2,100,000

2,026,214

1.75%,

3/15/2027

850,000

778,534

8,998,766

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Allegion

US

Holding

Co.,

Inc.,

3.55%,

10/1/2027

60,000

57,255

CDW

LLC,

3.25%,

2/15/2029

125,000

113,008

170,263

Energy

Equipment

&

Services

0.2%

Schlumberger

Finance

Canada

Ltd.,

1.40%,

9/17/2025

1,500,000

1,424,355

Entertainment

0.9%

Netflix,

Inc.,

5.88%,

11/15/2028

1,370,000

1,440,693

Take-Two

Interactive

Software,

Inc.,

3.30%,

3/28/2024

16,000

15,939

Warnermedia

Holdings,

Inc.

6.41%,

3/15/2026

2,900,000

2,900,439

4.28%,

3/15/2032(d)

3,825,000

3,502,209

7,859,280

Financial

Services

0.1%

Block

Financial

LLC,

2.50%,

7/15/2028

275,000

246,984

Fidelity

National

Information

Services,

Inc.,

4.50%,

7/15/2025

45,000

44,750

Global

Payments,

Inc.,

5.30%,

8/15/2029

365,000

367,061

National

Rural

Utilities

Cooperative

Finance

Corp.

1.00%,

6/15/2026

100,000

91,749

1.35%,

3/15/2031

100,000

79,161

829,705

Food

Products

0.6%

Bunge

Ltd.

Finance

Corp.,

1.63%,

8/17/2025

1,300,000

1,234,962

General

Mills,

Inc.,

4.20%,

4/17/2028

250,000

246,322

J

M

Smucker

Co.

(The)

5.90%,

11/15/2028

1,369,000

1,431,972

6.20%,

11/15/2033(d)

1,680,000

1,818,339

Kraft

Heinz

Foods

Co.,

3.75%,

4/1/2030

525,000

498,444

McCormick

&

Co.,

Inc.,

0.90%,

2/15/2026(d)

250,000

230,773

5,460,812

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Gas

Utilities

0.1%

Atmos

Energy

Corp.

3.00%,

6/15/2027

50,000

47,625

1.50%,

1/15/2031

100,000

81,066

National

Fuel

Gas

Co.

5.50%,

1/15/2026

740,000

743,427

2.95%,

3/1/2031

200,000

168,620

ONE

Gas,

Inc.,

4.25%,

9/1/2032

195,000

188,617

Piedmont

Natural

Gas

Co.,

Inc.,

3.50%,

6/1/2029

100,000

93,537

1,322,892

Health

Care

Equipment

&

Supplies

0.2%

Edwards

Lifesciences

Corp.,

4.30%,

6/15/2028

850,000

837,956

GE

HealthCare

Technologies,

Inc.,

6.38%,

11/22/2052(d)

670,000

764,482

1,602,438

Health

Care

Providers

&

Services

1.8%

Cardinal

Health,

Inc.,

3.75%,

9/15/2025

500,000

489,333

Cencora,

Inc.,

2.80%,

5/15/2030

100,000

89,525

Centene

Corp.,

2.63%,

8/1/2031

800,000

664,040

Cigna

Group

(The),

2.40%,

3/15/2030

3,111,000

2,716,996

CVS

Health

Corp.,

4.78%,

3/25/2038

3,950,000

3,705,564

HCA,

Inc.

5.25%,

6/15/2026

500,000

501,431

4.13%,

6/15/2029

270,000

257,845

Laboratory

Corp.

of

America

Holdings,

1.55%,

6/1/2026(d)

1,846,000

1,711,552

UnitedHealth

Group,

Inc.

2.30%,

5/15/2031

1,970,000

1,691,932

5.35%,

2/15/2033

2,075,000

2,170,973

5.88%,

2/15/2053

775,000

860,134

5.05%,

4/15/2053

1,046,000

1,039,470

15,898,795

Hotels,

Restaurants

&

Leisure

0.4%

Choice

Hotels

International,

Inc.,

3.70%,

12/1/2029

465,000

413,628

Marriott

International,

Inc.,

Series

HH,

2.85%,

4/15/2031

2,400,000

2,083,907

McDonald's

Corp.,

3.50%,

7/1/2027

750,000

726,844

3,224,379

Household

Durables

0.0%

†

NVR,

Inc.,

3.00%,

5/15/2030

300,000

268,680

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Southern

Power

Co.,

4.15%,

12/1/2025

150,000

148,066

Industrial

Conglomerates

0.1%

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/2035

1,025,000

990,970

Industrial

REITs

0.2%

Prologis

LP,

4.63%,

1/15/2033

1,375,000

1,354,145

Insurance

1.0%

Aflac,

Inc.,

3.60%,

4/1/2030(d)

167,000

157,149

Aon

Corp.,

2.80%,

5/15/2030

200,000

177,576

Assurant,

Inc.,

4.90%,

3/27/2028

2,530,000

2,489,694

Brown

&

Brown,

Inc.

4.50%,

3/15/2029

910,000

894,879

4.20%,

3/17/2032(d)

280,000

258,829

Enstar

Group

Ltd.,

3.10%,

9/1/2031

745,000

621,416

Marsh

&

McLennan

Cos.,

Inc.,

2.25%,

11/15/2030

2,700,000

2,317,907

Progressive

Corp.

(The)

2.50%,

3/15/2027

860,000

810,303

3.00%,

3/15/2032(d)

230,000

204,540

Trinity

Acquisition

plc,

4.40%,

3/15/2026

250,000

246,510

Willis

North

America,

Inc.

4.50%,

9/15/2028

250,000

244,389

2.95%,

9/15/2029(d)

200,000

179,818

8,603,010

IT

Services

0.4%

International

Business

Machines

Corp.,

4.15%,

7/27/2027

3,760,000

3,709,699

Kyndryl

Holdings,

Inc.

2.05%,

10/15/2026

5,000

4,580

2.70%,

10/15/2028

40,000

35,197

3,749,476

Life

Sciences

Tools

&

Services

0.0%

†

Agilent

Technologies,

Inc.,

2.75%,

9/15/2029(d)

250,000

227,394

Machinery

0.4%

IDEX

Corp.,

2.63%,

6/15/2031

1,160,000

992,291

Ingersoll

Rand,

Inc.,

5.70%,

8/14/2033

710,000

741,507

Westinghouse

Air

Brake

Technologies

Corp.,

3.20%,

6/15/2025

2,000,000

1,943,667

3,677,465

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Media

0.7%

Charter

Communications

Operating

LLC,

3.75%,

2/15/2028

4,400,000

4,154,518

Comcast

Corp.,

3.75%,

4/1/2040

750,000

642,373

Fox

Corp.,

5.48%,

1/25/2039

675,000

660,970

Time

Warner

Cable

LLC,

5.88%,

11/15/2040

825,000

749,383

6,207,244

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.,

4.13%,

3/1/2028

115,000

110,606

Reliance

Steel

&

Aluminum

Co.

1.30%,

8/15/2025

2,100,000

1,976,659

2.15%,

8/15/2030

620,000

524,478

Steel

Dynamics,

Inc.,

3.45%,

4/15/2030

730,000

673,605

3,285,348

Multi-Utilities

0.1%

Ameren

Corp.,

3.50%,

1/15/2031

200,000

182,451

Berkshire

Hathaway

Energy

Co.,

3.25%,

4/15/2028(d)

50,000

47,425

CenterPoint

Energy,

Inc.,

2.95%,

3/1/2030

100,000

89,425

Consumers

Energy

Co.,

3.80%,

11/15/2028

100,000

96,882

Dominion

Energy,

Inc.,

3.90%,

10/1/2025

100,000

98,193

Dominion

Energy,

Inc.,

Series

C,

3.38%,

4/1/2030

100,000

91,448

Sempra

3.25%,

6/15/2027

100,000

94,976

3.70%,

4/1/2029

200,000

189,201

Southern

Co.

Gas

Capital

Corp.,

Series

20-A,

1.75%,

1/15/2031

100,000

81,057

WEC

Energy

Group,

Inc.,

5.15%,

10/1/2027

180,000

182,443

1,153,501

Oil,

Gas

&

Consumable

Fuels

2.5%

Cheniere

Corpus

Christi

Holdings

LLC,

5.13%,

6/30/2027

945,000

949,619

Columbia

Pipelines

Operating

Co.

LLC,

6.04%,

11/15/2033(b)

975,000

1,023,615

Conoco

Funding

Co.,

7.25%,

10/15/2031

134,000

154,341

ConocoPhillips

Co.,

6.95%,

4/15/2029

1,981,000

2,201,990

Devon

Energy

Corp.

5.88%,

6/15/2028(d)

1,450,000

1,463,252

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

4.50%,

1/15/2030

389,000

375,884

EQT

Corp.

3.90%,

10/1/2027

870,000

831,641

5.00%,

1/15/2029

810,000

799,731

7.00%,

2/1/2030(c)

100,000

107,223

Kinder

Morgan,

Inc.,

1.75%,

11/15/2026

1,400,000

1,289,030

MPLX

LP

1.75%,

3/1/2026

2,080,000

1,948,841

4.25%,

12/1/2027

1,000,000

979,512

4.80%,

2/15/2029(d)

1,308,000

1,300,751

2.65%,

8/15/2030

600,000

520,407

Northwest

Pipeline

LLC,

4.00%,

4/1/2027(d)

2,000,000

1,958,088

Occidental

Petroleum

Corp.,

7.88%,

9/15/2031

502,000

571,247

ONEOK,

Inc.

2.20%,

9/15/2025

1,000,000

954,735

4.00%,

7/13/2027

800,000

778,036

4.55%,

7/15/2028(d)

1,460,000

1,443,627

Ovintiv,

Inc.,

5.38%,

1/1/2026

40,000

40,025

Targa

Resources

Corp.,

4.20%,

2/1/2033

220,000

201,391

Targa

Resources

Partners

LP,

5.00%,

1/15/2028

1,890,000

1,861,010

Western

Midstream

Operating

LP,

5.45%,

4/1/2044

975,000

884,354

Williams

Cos.,

Inc.

(The),

4.65%,

8/15/2032

1,000,000

971,108

23,609,458

Pharmaceuticals

0.3%

Bristol-Myers

Squibb

Co.,

6.25%,

11/15/2053

780,000

882,673

Zoetis,

Inc.

3.00%,

9/12/2027

450,000

427,520

3.90%,

8/20/2028

1,640,000

1,603,120

2,913,313

Real

Estate

Management

&

Development

0.1%

CBRE

Services,

Inc.,

4.88%,

3/1/2026

800,000

797,126

Residential

REITs

0.2%

Camden

Property

Trust,

3.15%,

7/1/2029

100,000

92,619

ERP

Operating

LP,

2.85%,

11/1/2026

100,000

95,303

Invitation

Homes

Operating

Partnership

LP,

2.00%,

8/15/2031

1,450,000

1,147,002

1,334,924

Retail

REITs

0.2%

Retail

Opportunity

Investments

Partnership

LP,

6.75%,

10/15/2028

1,645,000

1,724,164

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

0.8%

Analog

Devices,

Inc.,

2.10%,

10/1/2031

105,000

88,838

Broadcom,

Inc.

1.95%,

2/15/2028(b)

2,600,000

2,334,415

2.60%,

2/15/2033(b)

1,475,000

1,211,630

3.50%,

2/15/2041(b)

2,650,000

2,118,332

Intel

Corp.,

5.20%,

2/10/2033

1,400,000

1,441,172

Xilinx,

Inc.,

2.38%,

6/1/2030

250,000

221,773

7,416,160

Software

1.3%

Black

Knight

InfoServ

LLC,

3.63%,

9/1/2028(b)

585,000

551,363

Fortinet,

Inc.,

1.00%,

3/15/2026

2,100,000

1,934,941

Intuit,

Inc.,

1.65%,

7/15/2030

54,000

45,170

Microsoft

Corp.,

3.40%,

9/15/2026(b)(d)

410,000

400,596

Oracle

Corp.

1.65%,

3/25/2026

1,250,000

1,168,202

2.30%,

3/25/2028(d)

600,000

544,736

4.65%,

5/6/2030

1,425,000

1,410,150

4.90%,

2/6/2033

1,244,000

1,231,175

6.90%,

11/9/2052

3,425,000

4,022,042

ServiceNow,

Inc.,

1.40%,

9/1/2030

575,000

472,867

VMware

LLC,

4.70%,

5/15/2030

35,000

34,425

11,815,667

Specialized

REITs

0.8%

American

Tower

Corp.

1.45%,

9/15/2026

210,000

191,946

2.75%,

1/15/2027

300,000

282,943

Crown

Castle,

Inc.,

2.90%,

3/15/2027

100,000

93,777

Extra

Space

Storage

LP

3.50%,

7/1/2026

2,400,000

2,316,628

3.88%,

12/15/2027

300,000

288,892

3.90%,

4/1/2029

430,000

407,296

Public

Storage

Operating

Co.

3.09%,

9/15/2027

150,000

142,943

1.85%,

5/1/2028

1,910,000

1,719,245

3.39%,

5/1/2029

550,000

521,960

2.30%,

5/1/2031

950,000

814,238

6,779,868

Specialty

Retail

1.0%

AutoNation,

Inc.,

4.75%,

6/1/2030(d)

1,250,000

1,201,978

Lowe's

Cos.,

Inc.

1.70%,

9/15/2028

6,100,000

5,389,540

1.70%,

10/15/2030

925,000

767,030

2.63%,

4/1/2031

1,305,000

1,135,074

4.25%,

4/1/2052

975,000

820,364

9,313,986

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Technology

Hardware,

Storage

&

Peripherals

0.2%

Dell

International

LLC,

8.10%,

7/15/2036

825,000

1,016,981

HP,

Inc.

3.00%,

6/17/2027

35,000

33,093

4.00%,

4/15/2029(d)

979,000

946,076

NetApp,

Inc.,

1.88%,

6/22/2025

75,000

71,668

2,067,818

Tobacco

0.1%

Altria

Group,

Inc.,

4.80%,

2/14/2029

927,000

928,802

Water

Utilities

0.0%

†

American

Water

Capital

Corp.,

Class

C,

2.95%,

9/1/2027

100,000

94,484

Essential

Utilities,

Inc.,

2.70%,

4/15/2030(d)

50,000

43,873

138,357

Wireless

Telecommunication

Services

0.8%

T-Mobile

USA,

Inc.

2.88%,

2/15/2031

2,064,000

1,805,811

3.50%,

4/15/2031

6,021,000

5,484,350

7,290,161

252,616,278

Total

Corporate

Bonds

(cost

$298,864,096)

298,737,744

Municipal

Bonds

0.1%

CALIFORNIA

0.1%

Los

Angeles

Community

College

DistrictGO,

1.81%,

8/1/2030

200,000

172,285

University

of

CaliforniaRB,

Series

BG,1.61%,

5/15/2030

200,000

170,464

342,749

FLORIDA

0.0%

†

State

Board

of

Administration

Finance

Corp.RB,

Series

A,2.15%,

7/1/2030

75,000

64,075

MASSACHUSETTS

0.0%

†

Commonwealth

of

MassachusettsGO,

Series

A,4.91%,

5/1/2029

100,000

101,993

Total

Municipal

Bonds

(cost

$582,994)

508,817

Mortgage-Backed

Securities

34.2%

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QB2929

2.00%,

9/1/2050

162,146

131,585

Pool#

QB4050

2.00%,

10/1/2050

871,870

706,726

Pool#

QB3891

2.00%,

10/1/2050

118,397

96,082

Pool#

RA3986

2.50%,

11/1/2050

1,435,342

1,213,607

Pool#

SD1384

2.50%,

11/1/2050

338,525

289,626

Pool#

SD8129

2.50%,

2/1/2051

3,512,386

2,967,366

Pool#

SD7536

2.50%,

2/1/2051

1,433,260

1,224,722

Pool#

SD8145

1.50%,

5/1/2051

4,456,213

3,425,202

Pool#

SD7543

2.50%,

8/1/2051

9,003,230

7,681,319

Pool#

QD0652

2.00%,

11/1/2051

377,572

306,706

Pool#

SD8188

2.00%,

1/1/2052

706,188

571,252

Pool#

RA7467

2.00%,

2/1/2052

95,590

77,228

Pool#

SD7555

3.00%,

8/1/2052

3,644,622

3,233,032

Pool#

SD1501

4.00%,

8/1/2052

1,137,844

1,071,511

Pool#

RA7920

4.00%,

9/1/2052

1,507,775

1,419,355

Pool#

RA8213

6.00%,

11/1/2052

1,410,353

1,453,687

Pool#

SD2056

6.00%,

12/1/2052

902,594

930,303

Pool#

RA8419

6.00%,

1/1/2053

1,831,521

1,870,273

Pool#

RA8417

6.00%,

1/1/2053

924,046

950,822

Pool#

SD7563

4.50%,

5/1/2053

9,727,748

9,528,400

Pool#

SD4473

6.50%,

12/1/2053

994,055

1,029,986

FNMA

Pool

Pool#

BF0676,3.50%,

9/1/2062

7,669,518

6,836,710

FNMA

UMBS

Pool

Pool#

BM5108

3.00%,

2/1/2033

943,732

901,503

Pool#

MA4106

1.50%,

7/1/2035

782,962

689,457

Pool#

CA9152

2.50%,

2/1/2036

2,134,287

1,969,020

Pool#

BT2234

2.00%,

4/1/2037

4,311,117

3,873,446

Pool#

CB3758

2.00%,

5/1/2037

2,374,147

2,133,176

Pool#

MA4685

1.50%,

6/1/2037

2,733,692

2,391,599

Pool#

FS0146

3.50%,

9/1/2043

1,489,544

1,393,437

Pool#

BE3774

4.00%,

7/1/2047

869,594

837,694

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

Pool#

BM2007

4.00%,

9/1/2048

234,480

224,753

Pool#

CA2471

4.00%,

10/1/2048

849,394

812,054

Pool#

MA3692

3.50%,

7/1/2049

2,807,822

2,586,863

Pool#

FM2363

3.00%,

1/1/2050

772,995

689,863

Pool#

CA6032

2.50%,

6/1/2050

2,244,583

1,920,553

Pool#

CA6020

3.00%,

6/1/2050

1,825,118

1,607,368

Pool#

MA4158

2.00%,

10/1/2050

10,648,965

8,644,113

Pool#

CA7404

4.00%,

10/1/2050

3,590,124

3,404,298

Pool#

MA4182

2.00%,

11/1/2050

10,435,234

8,470,623

Pool#

FS4481

2.50%,

11/1/2050

2,906,484

2,480,275

Pool#

MA4210

2.50%,

12/1/2050

468,831

397,196

Pool#

FM5525

2.50%,

1/1/2051

3,832,723

3,237,496

Pool#

FS2772

2.50%,

2/1/2051

144,036

123,244

Pool#

FM6554

2.00%,

3/1/2051

1,179,379

961,349

Pool#

BR6352

2.50%,

3/1/2051

670,598

573,417

Pool#

FM6834

2.00%,

4/1/2051

545,090

444,319

Pool#

BR7647

2.00%,

4/1/2051

69,556

56,718

Pool#

MA4325

2.00%,

5/1/2051

9,179,911

7,419,262

Pool#

FM8057

3.00%,

7/1/2051

3,787,081

3,361,922

Pool#

MA4398

2.00%,

8/1/2051

6,767,783

5,473,161

Pool#

MA4400

3.00%,

8/1/2051

3,594,536

3,150,744

Pool#

FM8779

2.50%,

9/1/2051

833,270

709,209

Pool#

MA4437

2.00%,

10/1/2051

1,000,163

809,226

Pool#

FM8997

2.50%,

10/1/2051

8,326,436

7,073,815

Pool#

CB1805

2.50%,

10/1/2051

3,319,580

2,829,120

Pool#

FM9450

2.00%,

11/1/2051

157,288

127,988

Pool#

CB2045

2.50%,

11/1/2051

1,955,792

1,667,540

Pool#

FM9492

2.50%,

11/1/2051

1,520,394

1,296,608

Pool#

FM9578

2.00%,

12/1/2051

30,080

24,476

Pool#

CB2809

2.50%,

2/1/2052

3,002,549

2,530,783

Pool#

CB3156

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

(continued)

2.00%,

3/1/2052

1,725,796

1,400,192

Pool#

CB3368

3.00%,

4/1/2052

1,799,174

1,575,661

Pool#

CB3769

3.50%,

6/1/2052

1,276,630

1,161,989

Pool#

CB5087

5.50%,

11/1/2052

12,900,593

13,097,289

Pool#

FS3440

6.00%,

12/1/2052

1,793,520

1,845,436

Pool#

CB7143

6.50%,

9/1/2053

1,967,198

2,022,815

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2054

1,000,000

767,458

6.50%,

2/25/2054

5,000,000

5,118,326

GNMA

II

Pool

Pool#

MA0317

3.00%,

8/20/2042

410,196

373,501

Pool#

AC0071

3.50%,

10/20/2042

600,638

551,944

Pool#

MA2600

3.00%,

2/20/2045

441,892

400,469

Pool#

MA2825

3.00%,

5/20/2045

321,966

292,462

Pool#

MA4509

3.00%,

6/20/2047

411,865

372,132

Pool#

MA4718

3.00%,

9/20/2047

383,512

346,668

Pool#

MA4719

3.50%,

9/20/2047

1,498,508

1,398,342

Pool#

MA6409

3.00%,

1/20/2050

162,090

145,948

Pool#

MA6541

3.00%,

3/20/2050

2,447,687

2,203,042

Pool#

MA6710

3.00%,

6/20/2050

885,735

795,607

Pool#

MA7535

3.00%,

8/20/2051

945,543

846,684

Pool#

785702

2.50%,

10/20/2051

895,642

765,863

Pool#

MA7705

2.50%,

11/20/2051

3,665,713

3,169,193

Pool#

785764

2.50%,

11/20/2051

1,116,359

954,594

Pool#

785730

3.00%,

11/20/2051

2,858,522

2,538,760

Pool#

MA7707

3.50%,

11/20/2051

2,574,012

2,378,240

Pool#

MA7766

2.00%,

12/20/2051

19,809,979

16,497,591

Pool#

MA7767

2.50%,

12/20/2051

10,381,713

8,976,362

Pool#

785805

2.50%,

12/20/2051

1,914,546

1,635,853

Pool#

785791

2.50%,

12/20/2051

962,744

826,152

Pool#

785787

2.50%,

12/20/2051

912,439

780,225

Pool#

785788

2.50%,

12/20/2051

640,860

547,996

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

(continued)

Pool#

MA7768

3.00%,

12/20/2051

2,575,850

2,301,395

Pool#

785831

2.50%,

1/20/2052

962,576

822,497

Pool#

MA8150

4.00%,

7/20/2052

471,534

447,807

Pool#

MA8197

2.50%,

8/20/2052

438,153

378,902

Pool#

MA8198

3.00%,

8/20/2052

2,215,612

1,980,944

Pool#

MA8201

4.50%,

8/20/2052

256,046

249,419

Pool#

MA8643

3.00%,

2/20/2053

5,572,564

4,997,639

Pool#

MA8644

3.50%,

2/20/2053

4,662,944

4,326,899

Pool#

MA9426

7.00%,

1/20/2054

3,000,860

3,085,688

GNMA

TBA

4.00%,

2/15/2054

6,000,000

5,699,866

4.50%,

2/15/2054

34,000,000

33,101,499

5.00%,

2/15/2054

23,000,000

22,847,088

5.50%,

2/15/2054

9,000,000

9,057,566

6.00%,

2/15/2054

8,000,000

8,122,017

7.00%,

2/15/2054

2,000,000

2,055,122

Total

Mortgage-Backed

Securities

(cost

$323,107,661)

307,574,330

Foreign

Government

Securities

0.8%

CANADA

0.1%

Province

of

Alberta,

1.30%,

7/22/2030

60,000

49,943

Province

of

British

Columbia,

1.30%,

1/29/2031

25,000

20,702

Province

of

Ontario

0.63%,

1/21/2026

50,000

46,436

2.30%,

6/15/2026

45,000

42,932

1.05%,

5/21/2027

25,000

22,574

2.00%,

10/2/2029

25,000

22,274

1.13%,

10/7/2030

40,000

32,750

Province

of

Quebec

0.60%,

7/23/2025

50,000

47,155

2.50%,

4/20/2026

50,000

48,046

2.75%,

4/12/2027

25,000

23,905

356,717

CHILE

0.1%

Republic

of

Chile,

3.25%,

9/21/2071

860,000

550,509

HUNGARY

0.1%

Hungary

Government

Bond,

Reg.

S,

6.13%,

5/22/2028

940,000

966,884

INDONESIA

0.2%

Republic

of

Indonesia,

Reg.

S,

3.85%,

7/18/2027

2,010,000

1,950,095

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

MEXICO

0.3%

United

Mexican

States

3.50%,

2/12/2034

1,470,000

1,230,387

3.75%,

4/19/2071

2,330,000

1,497,430

2,727,817

PANAMA

0.0%

†

Republic

of

Panama,

3.87%,

7/23/2060

500,000

280,845

Total

Foreign

Government

Securities

(cost

$6,616,243)

6,832,867

Supranational

0.2%

Asian

Development

Bank,

0.63%,

4/29/2025

1,000,000

952,061

European

Investment

Bank,

1.63%,

3/14/2025

1,000,000

967,179

Total

Supranational

(cost

$2,010,226)

1,919,240

U.S.

Treasury

Obligations

19.5%

U.S.

Treasury

Bonds

5.00%,

5/15/2037

1,000,000

1,106,172

4.25%,

11/15/2040

7,250,000

7,286,533

4.75%,

2/15/2041

6,830,000

7,270,748

2.00%,

11/15/2041

40,000,000

28,565,625

3.38%,

8/15/2042

12,050,000

10,608,236

2.75%,

11/15/2042

6,500,000

5,185,273

4.00%,

11/15/2042

7,040,000

6,758,125

3.00%,

5/15/2045

11,000,000

8,934,492

2.50%,

5/15/2046

2,000,000

1,469,375

2.25%,

8/15/2046

8,000,000

5,575,938

3.00%,

2/15/2047

2,934,700

2,352,804

3.00%,

2/15/2048

15,500,000

12,350,352

1.63%,

11/15/2050

7,000,000

4,030,742

2.25%,

2/15/2052

4,500,000

3,020,449

2.88%,

5/15/2052

2,500,000

1,931,348

3.00%,

8/15/2052

8,401,400

6,662,376

4.00%,

11/15/2052

12,120,000

11,644,669

U.S.

Treasury

Inflation

Linked

Bonds,

1.50%,

2/15/2053(g)

2,900,000

2,682,959

U.S.

Treasury

Notes

0.75%,

8/31/2026

14,060,000

12,928,609

2.63%,

5/31/2027

14,190,000

13,598,565

0.50%,

6/30/2027

14,520,000

12,933,577

0.63%,

5/15/2030

10,370,000

8,484,361

Total

U.S.

Treasury

Obligations

(cost

$195,920,984)

175,381,328

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Repurchase

Agreements

1.3%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$7,417,484,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$7,565,834.

(h)

7,416,390

7,416,390

Santander

US

Capital

Markets

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,317,449,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$4,403,797.

(h)

4,316,81

3

4,316,813

Total

Repurchase

Agreements

(cost

$11,733,203)

11,733,203

Total

Investments

Before

TBA

Sale

Commitments

(cost

$997,539,723)

—

107.0%

961,543,792

TBA

Sale

Commitments

  (7.0)%

Mortgage-Backed

Security

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

2/25/2054

(11,000,000)

(8,868,291)

2.50%,

2/25/2054

(12,000,000)

(10,090,045)

5.50%,

2/25/2054

(11,000,000)

(11,031,310)

4.00%,

3/25/2054

(

2,000,000)

(1,882,924)

4.00%,

4/25/2054

(4,000,000)

(3,769,442)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

2/25/2054

(1,000,000)

(1,013,691)

4.50%,

3/25/2054

(9,000,000)

(8,704,332)

GNMA

TBA

2.00%,

2/15/2054

(5,000,000)

(4,163,463)

2.50%,

2/15/2054

(1,000,000)

(864,509)

3.00%,

2/15/2054

(11,000,000)

(9,825,234)

3.50%,

2/15/2054

(3,000,000)

(2,767,254)

Total

TBA

Sale

Commitment

(cost

$(62,735,371))

(

62,980,495)

Total

Investments

(cost

$934,804,352)

—

100.0%

898,563,297

Liabilities

in

excess

of

other

assets

—

0.0%

(343,346)

NET

ASSETS

—

100.0%

$

898,219,951

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$103,845,870

which

represents

11.56%

of

net

assets.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$12,477,215,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,733,203

and

by

$1,333,853

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.00%,

and

maturity

dates

ranging

from

7/31/2024

–

8/15/2053,

a

total

value

of

$13,067,056.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2024.

The

maturity

date

reflects

the

next

call

date.

(g)

Principal

amounts

are

not

adjusted

for

inflation.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$11,733,203.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2024

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

6

Month

EURIBOR

semi-annually

2.00%

annually

Pay

1/25/2049

EUR

7,950,000

(1,529)

15,005

13,476

6

Month

EURIBOR

semi-annually

3.25%

annually

Pay

3/20/2026

EUR

1,760,000

16,057

2,882

18,939

6

Month

EURIBOR

semi-annually

2.50%

annually

Rec

3/20/2054

EUR

2,030,000

(55,649)

1,351

(54,298)

6

Month

BBR

semi-annually

4.00%

semi-annually

Pay

3/20/2029

AUD

17,260,000

(69,891)

103,373

33,482

6

Month

EURIBOR

semi-annually

3.00%

annually

Pay

10/11/2033

EUR

12,350,000

142,423

77,168

219,591

6

Month

EURIBOR

semi-annually

3.00%

annually

Pay

1/25/2039

EUR

5,580,000

18,730

20,902

39,632

6

Month

BBR

semi-annually

4.25%

semi-annually

Pay

3/20/2034

AUD

1,470,000

(33,654)

33,519

(135)

3

Month

STIBOR

quarterly

3.50%

annually

Pay

3/20/2026

SEK

129,950,000

124,447

28,989

153,436

3

Month

BBR

quarterly

3.75%

quarterly

Pay

3/20/2026

AUD

1,300,000

(3,878)

2,927

(951)

6

Month

NIBOR

semi-annually

3.75%

annually

Rec

3/20/2034

NOK

12,770,000

(33,238)

13,893

(19,345)

3

Month

BBR

quarterly

4.75%

semi-annually

Pay

3/20/2034

NZD

2,340,000

2,664

39,998

42,662

1

Day

REPO_CORRA

semi-annually

3.25%

semi-annually

Pay

3/20/2034

CAD

860,000

(9,183)

3,691

(5,492)

1

Day

ESTR

annually

2.50%

annually

Pay

10/19/2028

EUR

8,180,000

57,187

45,686

102,873

1

Day

SONIA

annually

4.25%

annually

Pay

3/20/2034

GBP

240,000

12,966

4,367

17,333

1

Day

SOFR

annually

3.61%

annually

Rec

5/31/2028

USD

38,240,000

(19,396)

32,784

13,388

1

Day

SOFR

annually

3.73%

annually

Pay

11/28/2027

USD

8,080,000

29,486

40,872

70,358

1

Day

ESTR

annually

2.37%

annually

Pay

1/19/2034

EUR

13,200,000

(11,975)

82,206

70,231

1

Day

ESTR

annually

2.50%

annually

Pay

12/12/2025

EUR

6,030,000

(11,875)

1,202

(10,673)

1

Day

SOFR

annually

4.00%

annually

Pay

3/20/2026

USD

13,280,000

(26,112)

40,084

13,972

1

Day

ESTR

annually

3.00%

annually

Rec

3/20/2026

EUR

48,380,000

(522,194)

21,255

(500,939)

6

Month

EURIBOR

semi-annually

3.00%

annually

Pay

10/20/2027

EUR

14,190,000

(40,476)

269,143

228,667

6

Month

EURIBOR

semi-annually

1.05%

annually

Pay

11/8/2047

EUR

18,340,000

(645,054)

67,378

(577,676)

6

Month

EURIBOR

semi-annually

2.15%

annually

Pay

9/8/2037

EUR

12,240,000

(494,349)

163,680

(330,669)

1

Day

ESTR

annually

2.67%

annually

Pay

4/22/2028

EUR

18,260,000

32,341

358,156

390,497

1

Day

SOFR

annually

4.31%

annually

Pay

5/10/2033

USD

12,970,000

(74,020)

451,825

377,805

6

Month

EURIBOR

semi-annually

2.00%

annually

Rec

5/17/2053

EUR

3,960,000

5,013

31,224

36,237

1

Day

SOFR

annually

2.56%

annually

Rec

11/5/2053

USD

22,710,000

114,090

363,869

477,959

1

Day

TONAR

annually

1.25%

annually

Rec

3/8/2033

JPY

844,000,000

(12,388)

17,145

4,757

1

Day

SOFR

annually

2.08%

annually

Rec

7/28/2047

USD

23,580,000

405,995

258,481

664,476

1

Day

SOFR

annually

2.68%

annually

Rec

7/28/2032

USD

9,720,000

148,967

160,506

309,473

Total

unrealized

appreciation

(954,495)

2,753,561

1,799,066

6

Month

EURIBOR

semi-annually

2.50%

annually

Rec

1/25/2044

EUR

13,330,000

(15,266)

(33,082)

(48,348)

6

Month

NIBOR

semi-annually

4.25%

annually

Pay

3/20/2026

NOK

166,730,000

113,981

(53,879)

60,102

6

Month

EURIBOR

semi-annually

2.54%

annually

Rec

1/19/2034

EUR

13,200,000

13,189

(70,074)

(56,885)

3

Month

STIBOR

quarterly

3.00%

annually

Rec

3/20/2034

SEK

31,910,000

(118,426)

(7,814)

(126,240)

6

Month

EURIBOR

semi-annually

3.00%

annually

Pay

3/20/2034

EUR

4,330,000

195,247

(7,411)

187,836

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

6

Month

EURIBOR

semi-annually

2.50%

annually

Rec

10/11/2053

EUR

5,940,000

(198,178)

(45,336)

(243,514)

1

Day

REPO_CORRA

semi-annually

3.75%

semi-annually

Pay

3/20/2026

CAD

32,200,000

(64,307)

(7,583)

(71,890)

1

Day

SONIA

annually

5.25%

annually

Rec

3/20/2026

GBP

8,550,000

(208,172)

(48,378)

(256,550)

1

Day

SOFR

annually

3.61%

annually

Rec

11/15/2053

USD

8,170,000

(58,022)

(139,806)

(197,828)

1

Day

SOFR

annually

4.25%

annually

Pay

3/20/2029

USD

4,480,000

(116,767)

(20,559)

(137,326)

1

Day

SOFR

annually

4.25%

annually

Pay

3/20/2034

USD

440,000

27,990

(3,300)

24,690

1

Day

SOFR

annually

3.58%

annually

Pay

8/15/2033

USD

12,640,000

28,805

(27,652)

1,153

1

Day

SOFR

annually

3.51%

annually

Rec

11/29/2053

USD

2,560,000

(43,684)

(1,004)

(44,688)

1

Day

SARON

annually

1.50%

annually

Pay

3/20/2034

CHF

1,560,000

57,948

(8,532)

49,416

1

Day

TONAR

annually

0.50%

annually

Rec

3/21/2029

JPY

3,839,000,000

286,250

(254,052)

32,198

1

Day

SOFR

annually

3.39%

annually

Pay

10/5/2038

USD

26,690,000

(175,729)

(173,716)

(349,445)

1

Day

TONAR

annually

1.50%

annually

Pay

3/8/2038

JPY

915,000,000

(45,793)

(43,581)

(89,374)

6

Month

EURIBOR

semi-annually

1.45%

annually

Rec

10/8/2042

EUR

31,310,000

1,376,846

(136,673)

1,240,173

3

Month

EURIBOR

quarterly

2.85%

annually

Rec

4/22/2028

EUR

18,260,000

(24,069)

(363,313)

(387,382)

1

Day

SOFR

annually

2.91%

annually

Pay

7/28/2037

USD

23,760,000

(345,311)

(335,124)

(680,435)

Total

unrealized

depreciation

686,532

(1,780,869)

(1,094,337)

Net

unrealized

appreciation

(267,963)

972,692

704,729

–

–

–

As

of

January

31,

2024,

the

Fund

had

$1,165,926

segregated

as

collateral

for

interest

rate

swap

contracts.

Abbreviation

:

BBR

Bank

Bill

Reference

Rate

EURIBOR

Euro

Interbank

Offered

Rate

ESTR

Euro

Short-Term

Rate

NIBOR

Norwegian

Interbank

Offered

Rate

CORRA

Canadian

Overnight

Repo

Rate

Average

SARON

Swiss

Average

Rate

Overnight

SOFR

Secured

Overnight

Financing Rate

SONIA

Sterling

Overnight

Index

Average

STIBOR

Stockholm

Interbank

Offered

Rate

TONAR

Tokyo

Overnight

Average

Rate

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

USD

United

States

dollar

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

CAD

1,169,249

USD

870,088

Bank

of

America

NA

3/20/2024

123

CHF

2,103,421

USD

2,413,586

Morgan

Stanley

Co.,

Inc.

3/20/2024

36,415

GBP

606,633

USD

768,718

BNP

Paribas

3/20/2024

354

NOK

6,409,707

USD

608,217

JPMorgan

Chase

Bank

NA

3/20/2024

1,919

USD

785,294

AUD

1,192,572

Morgan

Stanley

Co.,

Inc.

3/20/2024

1,700

USD

797,617

NZD

1,301,674

BNP

Paribas

3/20/2024

1,920

USD

1,579,673

JPY

220,557,419

Morgan

Stanley

Co.,

Inc.

3/21/2024

69,642

Total

unrealized

appreciation

112,073

AUD

1,169,981

USD

787,624

BNP

Paribas

3/20/2024

(18,874)

EUR

777,392

USD

853,203

BNP

Paribas

3/20/2024

(11,391)

NZD

1,006,328

USD

625,111

Citibank

NA

3/20/2024

(9,956)

SEK

6,831,245

USD

667,349

BNP

Paribas

3/20/2024

(9,671)

USD

1,059,755

CAD

1,435,941

Morgan

Stanley

Co.,

Inc.

3/20/2024

(8,941)

USD

1,858,487

CHF

1,603,172

Citibank

NA

3/20/2024

(8,839)

USD

1,064,415

EUR

985,979

Barclays

Bank

plc

3/20/2024

(3,270)

USD

961,443

GBP

764,139

BNP

Paribas

3/20/2024

(7,311)

USD

733,442

NOK

8,032,891

BNP

Paribas

3/20/2024

(31,204)

USD

885,503

SEK

9,259,194

Barclays

Bank

plc

3/20/2024

(5,925)

JPY

279,706,080

USD

1,944,123

BNP

Paribas

3/21/2024

(29,135)

Total

unrealized

depreciation

(144,517)

Net

unrealized

depreciation

(32,444)

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Euro-Bund

15

3/2024

EUR

2,202,197

8,406

U.S.

Treasury

2

Year

Note

323

3/2024

USD

66,426,969

486,625

U.S.

Treasury

5

Year

Note

714

3/2024

USD

77,390,906

645,020

U.S.

Treasury

10

Year

Note

328

3/2024

USD

36,843,625

575,303

Total

long

contracts

1,715,354

Short

Contracts

Euro-Bobl

(72)

3/2024

EUR

(9,222,867)

(70,137)

Euro-Buxl

(1)

3/2024

EUR

(148,661)

(2,940)

Euro-OAT

(4)

3/2024

EUR

(563,607)

(3,220)

Euro-Schatz

(57)

3/2024

EUR

(6,541,293)

(4,913)

U.S.

Treasury

10

Year

Ultra

Note

(84)

3/2024

USD

(9,817,500)

9,731

U.S.

Treasury

Long

Bond

(156)

3/2024

USD

(19,085,625)

(191,273)

U.S.

Treasury

Ultra

Bond

(33)

3/2024

USD

(4,264,219)

60,817

Total

short

contracts

(201,935)

Net

contracts

1,513,419

As

of

January

31,

2024,

the

Fund

had

$21,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

99,888,094

$

–

$

99,888,094

Collateralized

Mortgage

Obligations

–

18,328,825

–

18,328,825

Commercial

Mortgage-Backed

Securities

–

40,639,344

–

40,639,344

Corporate

Bonds

–

298,737,744

–

298,737,744

Foreign

Government

Securities

–

6,832,867

–

6,832,867

Forward

Foreign

Currency

Contracts

–

112,073

–

112,073

Futures

Contracts

1,785,902

–

–

1,785,902

Interest

Rate

Swaps†

–

2,753,561

–

2,753,561

Mortgage-Backed

Securities

–

307,574,330

–

307,574,330

Municipal

Bonds

–

508,817

–

508,817

Repurchase

Agreements

–

11,733,203

–

11,733,203

Supranational

–

1,919,240

–

1,919,240

U.S.

Treasury

Obligations

–

175,381,328

–

175,381,328

Total

Assets

$

1,785,902

$

964,409,426

$

–

$

966,195,328

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(144,517)

$

–

$

(144,517)

Futures

Contracts

(272,483)

–

–

(272,483)

Interest

Rate

Swaps†

–

(1,780,869)

–

(1,780,869)

TBA

Sale

Commitments

–

(62,980,495)

–

(62,980,495)

Total

Liabilities

$

(272,483)

$

(64,905,881)

$

–

$

(65,178,364)

Total

$

1,513,419

$

899,503,545

$

–

$

901,016,964

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Portfolio

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

Nationwide

Bond

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

2,753,561

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

112,073

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,785,902

Total

$

4,651,536

Liabilities:

Swap

Contracts†

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,780,869)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(144,517)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(272,483)

Total

$

(2,197,869)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Asset-Backed

Securities

2.1%

Principal

Amount

($)

Value

($)

Airlines

0.1%

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

A,

2.44%,

7/15/2046(a)

1,138,702

998,385

Stonepeak

ABS,

Series

2021-1A,

Class

AA,

2.30%,

2/28/2033(a)

1,291,507

1,200,843

2,199,228

Automobiles

0.4%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2021-2A,

Class

A,

1.66%,

2/20/2028(a)

5,000,000

4,550,357

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

860,000

870,731

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

A,

1.06%,

9/15/2027

2,040,000

1,917,417

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

1,340,000

1,350,629

Hertz

Vehicle

Financing

III

LP,

Series

2021-2A,

Class

B,

2.12%,

12/27/2027(a)

2,060,000

1,880,687

Hertz

Vehicle

Financing

LLC,

Series

2021-1A,

Class

B,

1.56%,

12/26/2025(a)

1,390,000

1,345,871

LAD

Auto

Receivables

Trust,

Series

2023-2A,

Class

A2,

5.93%,

6/15/2027(a)

968,829

970,587

Porsche

Financial

Auto

Securitization

Trust,

Series

2023-1A,

Class

A2,

5.42%,

12/22/2026(a)

1,162,916

1,162,305

14,048,584

Equipment

Loans

&

Leases

0.1%

M&T

Equipment

Notes,

Series

2023-1A,

Class

A4,

5.75%,

7/15/2030(a)

1,340,000

1,353,397

MMAF

Equipment

Finance

LLC,

Series

2024-A,

Class

A4,

5.10%,

7/13/2049(a)

860,000

863,281

2,216,678

Home

Equity

0.1%

CWABS,

Inc.

Asset-Backed

Certificates

Trust,

Series

2004-6,

Class

1A1,

5.99%,

12/25/2034(b)

685,792

663,224

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2004-

HE8,

Class

M2,

6.47%,

9/25/2034(b)

870,998

865,915

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2006-2,

Class

A4,

6.01%,

2/25/2036(b)

273,154

269,549

1,798,688

Other

1.1%

AB

BSL

CLO

4

Ltd.,

Series

2023-4A,

Class

A,

7.32%,

4/20/2036(a)(b)

1,000,000

1,004,363

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

6.89%,

11/2/2030(a)(b)

413,672

413,677

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

A,

6.80%,

1/15/2037(a)(b)

666,000

664,548

Ballyrock

CLO

Ltd.,

Series

2019-2A,

Class

A1BR,

6.83%,

11/20/2030(a)(b)

970,000

968,930

Barings

CLO

Ltd.,

Series

2018-2A,

Class

B,

7.48%,

4/15/2030(a)(b)

360,000

358,460

Barings

Private

Credit

Corp.

CLO

Ltd.,

Series

2023-

1A,

Class

A1,

7.71%,

7/15/2031(a)(b)

649,333

649,584

BCRED

MML

CLO

LLC,

Series

2021-1A,

Class

A,

7.06%,

1/15/2035(a)(b)

1,650,000

1,639,316

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-3RA,

Class

A1A,

6.63%,

7/27/2031(a)(b)

213,585

213,642

CarVal

CLO

VII-C

Ltd.,

Series

2023-1A,

Class

A1,

7.52%,

1/20/2035(a)(b)

2,460,000

2,469,129

CBAM

Ltd.,

Series

2017-

1A,

Class

A1,

6.83%,

7/20/2030(a)(b)

655,662

656,104

Foundation

Finance

Trust,

Series

2021-1A,

Class

A,

1.27%,

5/15/2041(a)

751,256

686,831

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

A,

6.83%,

11/22/2031(a)(b)

450,000

450,053

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

7.18%,

10/29/2029(a)(b)

620,000

620,179

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

A1R,

6.75%,

1/27/2031(a)(b)

708,844

708,916

GREYWOLF

CLO

VI

Ltd.,

Series

2018-1A,

Class

A2,

7.21%,

4/26/2031(a)(b)

1,200,000

1,193,153

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

7.88%,

1/20/2030(a)(b)

2,110,000

2,107,040

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Halcyon

Loan

Advisors

Funding

Ltd.,

Series

2017-2A,

Class

A2,

7.28%,

1/17/2030(a)(b)

750,000

748,003

Hildene

Community

Funding

CDO

Ltd.,

Series

2015-

1A,

Class

ARR,

2.60%,

11/1/2035(a)

2,106,429

1,779,455

Magnetite

XXVI

Ltd.,

Series

2020-26A,

Class

A1R,

6.71%,

7/25/2034(a)(b)

740,000

739,990

Myers

Park

CLO

Ltd.,

Series

2018-1A,

Class

B1,

7.18%,

10/20/2030(a)(b)

510,000

510,033

Neuberger

Berman

Loan

Advisers

CLO

24

Ltd.,

Series

2017-24A,

Class

AR,

6.59%,

4/19/2030(a)(b)

435,578

435,576

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

A1,

6.70%,

10/19/2031(a)(b)

279,883

279,966

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

6.64%,

4/16/2033(a)(b)

350,000

350,127

Oaktree

CLO

Ltd.,

Series

2022-2A,

Class

A1R,

6.86%,

7/15/2033(a)(b)

290,000

290,054

Ocean

Trails

CLO

X,

Series

2020-10A,

Class

AR,

6.80%,

10/15/2034(a)(b)

850,000

849,993

Octagon

Investment

Partners

35

Ltd.,

Series

2018-

1A,

Class

A1A,

6.64%,

1/20/2031(a)(b)

867,452

867,687

Octagon

Investment

Partners

XXI

Ltd.,

Series

2014-

1A,

Class

AAR3,

6.64%,

2/14/2031(a)(b)

1,170,000

1,170,168

OHA

Loan

Funding

Ltd.,

Series

2013-2A,

Class

AR,

6.68%,

5/23/2031(a)(b)

494,178

494,215

Palmer

Square

CLO

Ltd.,

Series

2019-1A,

Class

A1R,

6.79%,

11/14/2034(a)(b)

1,500,000

1,499,983

PFS

Financing

Corp.

Series

2021-A,

Class

B,

0.96%,

4/15/2026(a)

596,000

589,492

Series

2021-B,

Class

A,

0.77%,

8/15/2026(a)

770,000

749,939

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2020-2A,

Class

A,

1.33%,

7/20/2037(a)

326,286

312,054

Stratus

Static

CLO

Ltd.,

Series

2022-3A,

Class

AR,

6.62%,

10/20/2031(a)(b)

930,000

929,977

Sunnova

Helios

II

Issuer

LLC,

Series

2018-1A,

Class

A,

4.87%,

7/20/2048(a)

2,020,093

1,914,809

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Sycamore

Tree

CLO

Ltd.,

Series

2023-2A,

Class

A,

7.65%,

4/20/2035(a)(b)

2,480,000

2,480,258

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

6.66%,

1/17/2032(a)

(b)

350,000

350,010

Valley

Stream

Park

CLO

Ltd.,

Series

2022-1A,

Class

DR,

9.47%,

10/20/2034(a)(b)

570,000

570,051

Voya

CLO

Ltd.

Series

2018-2A,

Class

A1,

6.58%,

7/15/2031(a)(b)

956,325

956,411

Series

2018-4A,

Class

A1AR,

6.62%,

1/15/2032(a)

(b)

825,000

825,602

Whitebox

CLO

IV

Ltd.,

Series

2023-4A,

Class

A1,

7.47%,

4/20/2036(a)(b)

600,000

603,526

Woodmont

Trust,

Series

2023-

12A,

Class

A1A,

7.82%,

7/25/2031(a)(b)

459,136

459,510

35,560,814

Student

Loan

0.3%

AccessLex

Institute,

Series

2007-A,

Class

A3,

5.94%,

5/25/2036(b)

1,397,631

1,370,233

Commonbond

Student

Loan

Trust,

Series

2021-

AGS,

Class

A,

1.20%,

3/25/2052(a)

1,145,174

940,265

ECMC

Group

Student

Loan

Trust,

Series

2020-

2A,

Class

A,

6.61%,

11/25/2069(a)(b)

1,170,396

1,169,462

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/2069(a)

888,409

803,369

Navient

Student

Loan

Trust,

Series

2021-1A,

Class

A1B,

6.06%,

12/26/2069(a)(b)

1,672,926

1,644,376

SLM

Student

Loan

Trust,

Series

2005-9,

Class

A7A,

6.22%,

1/25/2041(b)

342,524

342,322

SMB

Private

Education

Loan

Trust

Series

2017-A,

Class

B,

3.50%,

6/17/2041(a)

1,000,000

945,128

Series

2021-B,

Class

A,

1.31%,

7/17/2051(a)

795,695

719,540

Series

2021-A,

Class

APT2,

1.07%,

1/15/2053(a)

999,334

885,856

Series

2021-A,

Class

A2A1,

6.18%,

1/15/2053(a)(b)

1,342,597

1,325,131

10,145,682

Total

Asset-Backed

Securities

(cost

$67,737,353)

65,969,674

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Closed

End

Funds

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

2,240

15,456

Total

Closed

End

Funds

(cost

$24,036)

15,456

Collateralized

Mortgage

Obligations

1.0%

Angel

Oak

Mortgage

Trust,

Series

2021-7,

Class

A3,

2.34%,

10/25/2066(a)(b)

3,145,395

2,646,415

BRAVO

Residential

Funding

Trust,

Series

2024-

NQM1,

Class

A1,

5.94%,

12/1/2063(a)(c)

860,000

859,773

CSMC

Trust

Series

2021-AFC1,

Class

A1,

0.83%,

3/25/2056(a)(b)

292,356

227,685

Series

2021-AFC1,

Class

A3,

1.17%,

3/25/2056(a)(b)

292,356

225,539

Series

2021-NQM6,

Class

A3,

1.59%,

7/25/2066(a)(b)

1,362,057

1,105,432

Series

2022-7R,

Class

1A1,

8.84%,

10/25/2066(a)(b)

2,239,950

2,185,673

DSLA

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

1A1B,

5.59%,

4/19/2047(b)

832,288

687,684

FHLMC

STACR

REMIC

Trust

Series

2021-DNA3,

Class

M2,

7.44%,

10/25/2033(a)

(b)

3,153,000

3,190,458

Series

2021-DNA5,

Class

M2,

6.99%,

1/25/2034(a)(b)

591,733

594,135

Series

2022-DNA3,

Class

M1B,

8.24%,

4/25/2042(a)

(b)

960,000

996,000

FNMA

Series

2014-C02,

Class

1M2,

8.06%,

5/25/2024(b)

667,749

671,087

Series

2014-C02,

Class

2M2,

8.06%,

5/25/2024(b)

232,577

233,740

Series

2014-C03,

Class

1M2,

8.46%,

7/25/2024(b)

395,177

399,129

Series

2015-C03,

Class

1M2,

10.46%,

7/25/2025(b)

1,721,962

1,803,756

FNMA

REMICS,

Series

2015-65,

Class

CZ,

3.50%,

9/25/2045

939,394

813,446

GCAT

Trust,

Series

2024-

INV1,

Class

1A2,

5.50%,

1/25/2054(a)(b)

890,000

882,282

Legacy

Mortgage

Asset

Trust

Series

2020-RPL1,

Class

A1,

3.00%,

9/25/2059(a)(b)

1,217,093

1,154,584

Series

2020-GS2,

Class

A1,

5.75%,

3/25/2060(a)(c)

984,555

983,171

Series

2021-GS2,

Class

A1,

1.75%,

4/25/2061(a)(c)

383,137

371,370

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2005-

2AR,

Class

A,

5.71%,

4/25/2035(b)

568,821

526,931

New

Residential

Mortgage

Loan

Trust

Series

2019-6A,

Class

B1,

4.00%,

9/25/2059(a)(b)

803,373

751,465

Series

2019-6A,

Class

B2,

4.25%,

9/25/2059(a)(b)

779,744

729,452

OBX

Trust,

Series

2021-

NQM2,

Class

A3,

1.56%,

5/25/2061(a)(b)

757,552

601,359

PRPM

LLC,

Series

2024-

RCF1,

Class

A1,

4.00%,

1/25/2054(a)(c)

910,000

874,651

Residential

Mortgage

Loan

Trust,

Series

2020-2,

Class

A1,

1.65%,

5/25/2060(a)(b)

226,593

223,245

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-1,

Class

M1,

4.00%,

1/25/2056(a)(b)

424,055

420,589

Series

2019-1,

Class

M,

4.75%,

7/25/2058(a)(b)

1,850,000

1,738,488

Series

2019-4,

Class

M,

4.50%,

2/25/2059(a)(b)

2,107,000

1,915,975

Towd

Point

Mortgage

Trust

Series

2019-HY1,

Class

B1,

7.60%,

10/25/2048(a)(b)

970,000

1,002,149

Series

2019-HY2,

Class

A1,

6.45%,

5/25/2058(a)(b)

633,604

641,504

WaMu

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR9,

Class

A7,

5.24%,

8/25/2034(b)

1,241,426

1,161,184

Series

2005-AR13,

Class

A1A1,

6.03%,

10/25/2045(b)

440,150

415,612

Total

Collateralized

Mortgage

Obligations

(cost

$33,096,230)

31,033,963

Commercial

Mortgage-Backed

Securities

0.9%

BANK

Series

2017-BNK8,

Class

A4,

3.49%,

11/15/2050

1,200,000

1,112,625

Series

2017-BNK9,

Class

A4,

3.54%,

11/15/2054

1,406,400

1,336,216

Series

2017-BNK5,

Class

XA,

IO,

1.08%,

6/15/2060(b)

39,991,188

968,051

Series

2017-BNK5,

Class

A5,

3.39%,

6/15/2060

2,000,000

1,900,313

BPR

Trust,

Series

2021-

TY,

Class

B,

6.60%,

9/15/2038(a)(b)

780,000

769,371

BX

Commercial

Mortgage

Trust

Series

2021-ACNT,

Class

A,

6.30%,

11/15/2038(a)(b)

950,000

942,578

Series

2022-AHP,

Class

A,

6.32%,

1/17/2039(a)(b)

2,000,000

1,975,000

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2020-VIVA,

Class

E,

3.67%,

3/11/2044(a)(b)

1,140,000

932,464

BX

Trust

Series

2021-BXMF,

Class

A,

6.08%,

10/15/2026(a)(b)

1,229,389

1,213,179

Series

2019-MMP,

Class

A,

6.38%,

8/15/2036(a)(b)

2,009,942

1,979,793

CFK

Trust

Series

2020-MF2,

Class

F,

3.57%,

3/15/2039(a)(b)

1,500,000

910,053

Series

2020-MF2,

Class

E,

3.57%,

3/15/2039(a)(b)

1,170,000

853,159

DBJPM

Mortgage

Trust,

Series

2016-C1,

Class

B,

4.20%,

5/10/2049(b)

1,530,000

1,394,751

GNMA

REMICS

Series

2022-3,

Class

,

IO,

0.64%,

2/16/2061(b)

192,600

9,558

Series

2020-157,

Class

,

IO,

0.94%,

6/16/2062(b)

9,045,906

567,843

Series

2020-190,

Class

,

IO,

1.05%,

11/16/2062(b)

9,509,056

700,382

Hawaii

Hotel

Trust,

Series

2019-MAUI,

Class

F,

8.13%,

5/15/2038(a)(b)

1,040,000

1,001,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-NNN,

Class

GFX,

4.84%,

1/16/2037(a)

(b)

3,550,000

783,128

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

B,

4.01%,

3/15/2050(b)

1,610,000

1,299,820

Morgan

Stanley

Capital

I

Trust

Series

2019-BPR,

Class

A,

7.35%,

5/15/2036(a)(b)

1,349,054

1,328,518

Series

2018-H4,

Class

XA,

IO,

0.98%,

12/15/2051(b)

19,145,669

618,114

OPG

Trust,

Series

2021-

PORT,

Class

A,

5.93%,

10/15/2036(a)(b)

1,316,706

1,295,310

STWD

Ltd.,

Series

2019-

FL1,

Class

A,

6.53%,

7/15/2038(a)(b)

345,944

345,943

UBS

Commercial

Mortgage

Trust,

Series

2018-

C11,

Class

B,

4.71%,

6/15/2051(b)

1,490,000

1,307,955

WMRK

Commercial

Mortgage

Trust,

Series

2022-

WMRK,

Class

A,

8.12%,

11/15/2027(a)(b)

2,560,000

2,568,000

Total

Commercial

Mortgage-Backed

Securities

(cost

$33,060,813)

28,113,124

Common

Stocks

66.7%

Shares

Value

($)

Aerospace

&

Defense

1.0%

AAR

Corp.

*

1,792

108,989

AeroVironment,

Inc.

*

1,168

140,908

AerSale

Corp.

*(d)

870

8,091

Archer

Aviation,

Inc.,

Class A

*(d)

4,734

22,865

Astronics

Corp.

*

947

16,014

Axon

Enterprise,

Inc.

*

3,046

758,637

Boeing

Co.

(The)

*

23,664

4,994,051

BWX

Technologies,

Inc.

3,565

290,476

Cadre

Holdings,

Inc.

529

17,981

Curtiss-Wright

Corp.

1,723

383,488

Ducommun,

Inc.

*

444

21,911

Eve

Holding,

Inc.

*

1,321

8,190

General

Dynamics

Corp.

11,107

2,943,244

HEICO

Corp.

5,273

815,883

Hexcel

Corp.

3,911

259,651

Howmet

Aerospace,

Inc.

16,556

931,441

Huntington

Ingalls

Industries,

Inc.

1,618

418,933

Kaman

Corp.

1,083

48,789

Kratos

Defense

&

Security

Solutions,

Inc.

*

5,903

99,938

L3Harris

Technologies,

Inc.

7,962

1,659,440

Leonardo

DRS,

Inc.

*

1,488

28,882

Lockheed

Martin

Corp.

9,534

4,093,995

Mercury

Systems,

Inc.

*(d)

2,309

68,485

Moog,

Inc.,

Class A

1,215

169,857

National

Presto

Industries,

Inc.

343

27,155

Northrop

Grumman

Corp.

6,132

2,739,532

Park

Aerospace

Corp.

800

11,800

Parsons

Corp.

*

1,815

118,247

Redwire

Corp.

*(d)

104

302

Rocket

Lab

USA,

Inc.

*(d)

14,061

68,196

RTX

Corp.

62,374

5,683,519

Satellogic,

Inc.,

Class A

*

157

220

Spirit

AeroSystems

Holdings,

Inc.,

Class A

*(d)

4,770

130,984

Terran

Orbital

Corp.

*(d)

733

607

Textron,

Inc.

8,259

699,620

TransDigm

Group,

Inc.

2,221

2,426,842

Triumph

Group,

Inc.

*

1,342

21,740

V2X,

Inc.

*

446

17,345

Vertical

Aerospace

Ltd.

*

225

162

Virgin

Galactic

Holdings,

Inc.

*(d)

11,045

19,660

Woodward,

Inc.

2,475

340,981

30,617,051

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.

*

1,176

18,216

CH

Robinson

Worldwide,

Inc.

(d)

4,215

354,439

Expeditors

International

of

Washington,

Inc.

6,242

788,552

FedEx

Corp.

10,148

2,448,611

Forward

Air

Corp.

1,233

54,659

GXO

Logistics,

Inc.

*

5,377

292,401

Hub

Group,

Inc.,

Class A

*

2,888

130,769

Radiant

Logistics,

Inc.

*

1,463

8,983

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Air

Freight

&

Logistics

United

Parcel

Service,

Inc.,

Class B

30,795

4,369,811

8,466,441

Automobile

Components

0.1%

Adient

plc

*(d)

4,396

152,585

American

Axle

&

Manufacturing

Holdings,

Inc.

*(d)

4,405

35,636

Aptiv

plc

*

11,602

943,591

Atmus

Filtration

Technologies,

Inc.

*

82

1,831

Autoliv,

Inc.

387

41,455

BorgWarner,

Inc.

(d)

8,743

296,388

Cooper-Standard

Holdings,

Inc.

*

86

1,513

Dana,

Inc.

(d)

6,186

83,882

Dorman

Products,

Inc.

*

1,202

97,855

Fox

Factory

Holding

Corp.

*

1,972

124,315

Garrett

Motion,

Inc.

*(d)

515

4,424

Gentex

Corp.

(d)

9,807

324,906

Gentherm,

Inc.

*(d)

1,547

74,488

Goodyear

Tire

&

Rubber

Co.

(The)

*

10,266

143,108

Holley,

Inc.

*

255

1,216

Kandi

Technologies

Group,

Inc.

*

324

875

LCI

Industries

(d)

1,137

126,525

Lear

Corp.

(d)

2,479

329,459

Luminar

Technologies,

Inc.,

Class A

*(d)

14,585

39,671

Modine

Manufacturing

Co.

*

2,052

141,773

Motorcar

Parts

of

America,

Inc.

*

3,742

34,165

Patrick

Industries,

Inc.

(d)

947

95,069

Phinia,

Inc.

1,707

51,620

QuantumScape

Corp.,

Class A

*(d)

14,240

96,974

Solid

Power,

Inc.

*(d)

11,302

18,309

Standard

Motor

Products,

Inc.

(d)

1,097

44,264

Stoneridge,

Inc.

*

1,026

18,253

Visteon

Corp.

*(d)

1,296

149,416

XPEL,

Inc.

Reg.

S*

1,041

55,641

3,529,207

Automobiles

0.9%

Canoo,

Inc.

*(d)

2,982

609

Cenntro

Electric

Group

Ltd.

*

1

1

Ferrari

NV

204

70,568

Fisker,

Inc.,

Class A

*(d)

9,586

7,692

Ford

Motor

Co.

(d)

167,679

1,965,198

General

Motors

Co.

58,602

2,273,758

Harley-Davidson,

Inc.

6,055

196,485

Livewire

Group,

Inc.

*(d)

731

7,251

Lucid

Group,

Inc.

*(d)

35,047

118,459

NWTN,

Inc.,

Class B

*(d)

1,256

8,327

Rivian

Automotive,

Inc.,

Class A

*(d)

27,684

423,842

Tesla,

Inc.

*

117,639

22,032,608

Thor

Industries,

Inc.

(d)

2,365

267,292

Winnebago

Industries,

Inc.

1,295

85,107

Common

Stocks

Shares

Value

($)

Automobiles

Workhorse

Group,

Inc.

*(d)

2,629

697

27,457,894

Banks

2.3%

1st

Source

Corp.

1,228

64,188

ACNB

Corp.

41

1,600

Amalgamated

Financial

Corp.

526

13,971

Amerant

Bancorp,

Inc.,

Class A

(d)

3,041

68,757

American

National

Bankshares,

Inc.

454

20,562

Ameris

Bancorp

1,873

92,976

Ames

National

Corp.

(d)

571

12,071

Arrow

Financial

Corp.

710

17,885

Associated

Banc-Corp.

8,853

186,002

Atlantic

Union

Bankshares

Corp.

3,607

123,215

Axos

Financial,

Inc.

*

2,443

135,415

Banc

of

California,

Inc.

7,072

97,452

BancFirst

Corp.

(d)

1,144

101,255

Bancorp,

Inc.

(The)

*

267

11,652

Bank

First

Corp.

(d)

255

21,532

Bank

of

America

Corp.

300,898

10,233,541

Bank

of

Hawaii

Corp.

(d)

3,093

195,570

Bank

of

Marin

Bancorp

1,832

35,871

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

2,865

86,895

Bank

OZK

4,810

216,979

Bank7

Corp.

248

6,932

BankUnited,

Inc.

381

10,767

Banner

Corp.

650

30,277

Bar

Harbor

Bankshares

617

16,233

BayCom

Corp.

56

1,143

BCB

Bancorp,

Inc.

75

932

Berkshire

Hills

Bancorp,

Inc.

642

15,408

Blue

Foundry

Bancorp

*

113

1,078

BOK

Financial

Corp.

(d)

1,072

89,876

Bridgewater

Bancshares,

Inc.

*(d)

976

12,210

Broadway

Financial

Corp.

*

1

6

Brookline

Bancorp,

Inc.

1,559

16,868

Burke

&

Herbert

Financial

Services

Corp.

(d)

570

33,288

Business

First

Bancshares,

Inc.

580

13,079

BV

Financial,

Inc.

1,777

24,860

Byline

Bancorp,

Inc.

2,515

54,928

C&F

Financial

Corp.

218

12,099

Cadence

Bank

941

25,049

California

Bancorp,

Inc.

*

893

22,620

Cambridge

Bancorp

508

34,844

Camden

National

Corp.

571

20,573

Capital

Bancorp,

Inc.

347

7,551

Capital

City

Bank

Group,

Inc.

571

16,319

Capitol

Federal

Financial,

Inc.

(d)

3,825

24,251

Capstar

Financial

Holdings,

Inc.

612

11,132

Carter

Bankshares,

Inc.

*

943

13,636

Cathay

General

Bancorp

(d)

4,728

194,652

Central

Pacific

Financial

Corp.

135

2,601

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Banks

Central

Valley

Community

Bancorp

662

12,856

Chemung

Financial

Corp.

232

10,793

ChoiceOne

Financial

Services,

Inc.

463

12,353

Citigroup,

Inc.

82,019

4,607,007

Citizens

&

Northern

Corp.

574

11,635

Citizens

Financial

Group,

Inc.

19,759

646,119

Citizens

Financial

Services,

Inc.

310

18,151

City

Holding

Co.

(d)

74

7,564

Civista

Bancshares,

Inc.

677

11,570

CNB

Financial

Corp.

656

14,006

Coastal

Financial

Corp.

*(d)

329

13,127

Codorus

Valley

Bancorp,

Inc.

636

14,991

Columbia

Banking

System,

Inc.

9,853

198,636

Columbia

Financial,

Inc.

*(d)

2,225

40,006

Comerica,

Inc.

5,284

277,833

Commerce

Bancshares,

Inc.

(d)

5,041

262,737

Community

Bank

System,

Inc.

(d)

273

12,495

Community

Trust

Bancorp,

Inc.

1,056

43,824

ConnectOne

Bancorp,

Inc.

1,381

31,542

CrossFirst

Bankshares,

Inc.

*

2,022

28,551

Cullen/Frost

Bankers,

Inc.

2,595

275,381

Customers

Bancorp,

Inc.

*(d)

525

28,056

CVB

Financial

Corp.

679

11,387

Dime

Community

Bancshares,

Inc.

2,799

63,845

Eagle

Bancorp,

Inc.

669

16,585

East

West

Bancorp,

Inc.

6,289

457,902

Eastern

Bankshares,

Inc.

8,583

119,819

Enterprise

Bancorp,

Inc.

403

11,453

Enterprise

Financial

Services

Corp.

2,759

114,857

Equity

Bancshares,

Inc.,

Class A

598

19,644

Esquire

Financial

Holdings,

Inc.

34

1,695

ESSA

Bancorp,

Inc.

576

10,950

Evans

Bancorp,

Inc.

347

10,226

Farmers

&

Merchants

Bancorp,

Inc.

64

1,446

Farmers

National

Banc

Corp.

(d)

2,868

39,349

FB

Financial

Corp.

2,787

103,816

Fidelity

D&D

Bancorp,

Inc.

(d)

333

16,563

Fifth

Third

Bancorp

29,430

1,007,683

Financial

Institutions,

Inc.

512

10,701

Finwise

Bancorp

*

710

9,805

First

Bancorp

1,395

32,137

First

Bancorp,

Inc.

(The)

456

11,400

First

Bancshares,

Inc.

(The)

1,993

50,682

First

Bank

700

9,618

First

Busey

Corp.

4,427

104,212

First

Business

Financial

Services,

Inc.

40

1,471

Common

Stocks

Shares

Value

($)

Banks

First

Citizens

BancShares,

Inc.,

Class A

451

681,010

First

Commonwealth

Financial

Corp.

811

11,362

First

Community

Bankshares,

Inc.

702

24,065

First

Community

Corp.

489

9,144

First

Financial

Bancorp

951

21,321

First

Financial

Bankshares,

Inc.

(d)

6,541

204,275

First

Financial

Corp.

1,533

60,431

First

Foundation,

Inc.

793

7,549

First

Hawaiian,

Inc.

7,511

162,914

First

Horizon

Corp.

22,582

321,568

First

Internet

Bancorp

40

1,319

First

Interstate

BancSystem,

Inc.,

Class A

4,326

119,052

First

Merchants

Corp.

3,918

132,468

First

Mid

Bancshares,

Inc.

627

19,732

First

Northwest

Bancorp

1,095

15,921

First

of

Long

Island

Corp.

(The)

926

11,131

Five

Star

Bancorp

52

1,239

Flushing

Financial

Corp.

666

10,676

FNB

Corp.

13,944

183,782

FS

Bancorp,

Inc.

472

17,379

Fulton

Financial

Corp.

(d)

12,828

199,989

German

American

Bancorp,

Inc.

3,065

101,543

Glacier

Bancorp,

Inc.

4,375

169,138

Great

Southern

Bancorp,

Inc.

471

24,534

Greene

County

Bancorp,

Inc.

35

875

Guaranty

Bancshares,

Inc.

(d)

372

11,342

Hancock

Whitney

Corp.

3,709

167,313

Hanmi

Financial

Corp.

959

16,063

HarborOne

Bancorp,

Inc.

3,020

32,978

Hawthorn

Bancshares,

Inc.

802

20,210

HBT

Financial,

Inc.

381

7,418

Heartland

Financial

USA,

Inc.

2,770

98,252

Heritage

Commerce

Corp.

2,391

21,256

Heritage

Financial

Corp.

528

10,639

Hilltop

Holdings,

Inc.

2,663

83,858

Hingham

Institution

for

Savings

(d)

63

11,646

Home

Bancorp,

Inc.

318

12,663

Home

BancShares,

Inc.

7,652

179,363

HomeStreet,

Inc.

89

1,225

HomeTrust

Bancshares,

Inc.

641

17,403

Hope

Bancorp,

Inc.

587

6,504

Horizon

Bancorp,

Inc.

1,704

22,339

Huntington

Bancshares,

Inc.

59,520

757,690

Independent

Bank

Corp.

1,173

38,270

Independent

Bank

Group,

Inc.

1,791

86,595

International

Bancshares

Corp.

2,158

114,072

John

Marshall

Bancorp,

Inc.

63

1,197

JPMorgan

Chase

&

Co.

124,032

21,626,220

Kearny

Financial

Corp.

4,535

32,788

KeyCorp

41,600

604,448

Lakeland

Bancorp,

Inc.

4,974

66,104

Lakeland

Financial

Corp.

964

64,549

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Banks

LCNB

Corp.

701

10,354

LINKBANCORP,

Inc.

4,205

29,982

Live

Oak

Bancshares,

Inc.

2,067

75,177

Luther

Burbank

Corp.

*

1,143

10,973

M&T

Bank

Corp.

6,914

954,823

Macatawa

Bank

Corp.

1,825

19,455

MainStreet

Bancshares,

Inc.

(d)

462

8,556

Mercantile

Bank

Corp.

566

22,691

Meridian

Corp.

1,084

13,116

Metrocity

Bankshares,

Inc.

686

16,395

Metropolitan

Bank

Holding

Corp.

*(d)

251

12,171

Mid

Penn

Bancorp,

Inc.

285

6,093

Middlefield

Banc

Corp.

558

14,731

Midland

States

Bancorp,

Inc.

915

24,028

MidWestOne

Financial

Group,

Inc.

578

14,739

MVB

Financial

Corp.

346

7,415

National

Bank

Holdings

Corp.,

Class A

2,411

84,385

National

Bankshares,

Inc.

(d)

383

12,356

NBT

Bancorp,

Inc.

782

27,816

New

York

Community

Bancorp,

Inc.

29,074

188,109

Nicolet

Bankshares,

Inc.

588

45,729

Northeast

Bank

43

2,358

Northeast

Community

Bancorp,

Inc.

953

16,420

Northfield

Bancorp,

Inc.

4,359

52,439

Northrim

Bancorp,

Inc.

28

1,415

Northwest

Bancshares,

Inc.

2,014

24,913

Norwood

Financial

Corp.

(d)

489

13,394

NU

Holdings

Ltd.,

Class A

*

86,919

748,373

Oak

Valley

Bancorp

(d)

446

11,618

OceanFirst

Financial

Corp.

3,211

55,326

OFG

Bancorp

459

16,877

Old

National

Bancorp

12,174

200,506

Old

Second

Bancorp,

Inc.

3,345

45,559

OP

Bancorp

298

3,251

Orange

County

Bancorp,

Inc.

(d)

363

17,620

Origin

Bancorp,

Inc.

1,909

58,225

Orrstown

Financial

Services,

Inc.

420

11,626

Pacific

Premier

Bancorp,

Inc.

1,691

42,901

Park

National

Corp.

(d)

908

118,657

Pathward

Financial,

Inc.

339

17,553

PCB

Bancorp

57

955

Peapack-Gladstone

Financial

Corp.

(d)

1,715

47,300

Penns

Woods

Bancorp,

Inc.

(d)

454

9,788

Peoples

Bancorp

of

North

Carolina,

Inc.

886

25,774

Peoples

Bancorp,

Inc.

1,891

55,406

Peoples

Financial

Services

Corp.

291

12,720

Pinnacle

Financial

Partners,

Inc.

3,105

274,420

Pioneer

Bancorp,

Inc.

*

388

3,783

Common

Stocks

Shares

Value

($)

Banks

Plumas

Bancorp

363

12,807

PNC

Financial

Services

Group,

Inc.

(The)

17,048

2,577,828

Ponce

Financial

Group,

Inc.

*

1,356

12,285

Popular,

Inc.

3,049

260,537

Preferred

Bank

(d)

70

5,029

Premier

Financial

Corp.

2,357

49,238

Primis

Financial

Corp.

847

11,180

Princeton

Bancorp,

Inc.

337

11,006

Prosperity

Bancshares,

Inc.

3,852

246,181

Provident

Bancorp,

Inc.

*(d)

1,535

16,685

Provident

Financial

Services,

Inc.

1,242

20,555

QCR

Holdings,

Inc.

996

58,176

RBB

Bancorp

670

11,852

Red

River

Bancshares,

Inc.

183

9,371

Regions

Financial

Corp.

41,884

781,974

Renasant

Corp.

1,272

40,233

Republic

Bancorp,

Inc.,

Class A

383

19,606

S&T

Bancorp,

Inc.

438

14,603

Sandy

Spring

Bancorp,

Inc.

2,745

66,923

Seacoast

Banking

Corp.

of

Florida

2,407

59,116

ServisFirst

Bancshares,

Inc.

(d)

2,078

139,517

Shore

Bancshares,

Inc.

946

12,241

Sierra

Bancorp

530

10,998

Simmons

First

National

Corp.,

Class A

3,930

74,709

SmartFinancial,

Inc.

589

13,700

South

Plains

Financial,

Inc.

425

11,509

Southern

California

Bancorp

*

480

7,896

Southern

First

Bancshares,

Inc.

*

330

12,372

Southern

Missouri

Bancorp,

Inc.

351

15,307

Southern

States

Bancshares,

Inc.

532

13,598

Southside

Bancshares,

Inc.

268

8,388

SouthState

Corp.

3,694

306,971

Stellar

Bancorp,

Inc.

2,279

57,043

Sterling

Bancorp,

Inc.

*

88

476

Stock

Yards

Bancorp,

Inc.

(d)

1,621

80,596

Summit

Financial

Group,

Inc.

511

14,456

Synovus

Financial

Corp.

7,210

271,529

Texas

Capital

Bancshares,

Inc.

*

2,559

156,099

TFS

Financial

Corp.

(d)

2,508

33,407

Third

Coast

Bancshares,

Inc.

*

58

1,102

Timberland

Bancorp,

Inc.

538

15,048

Tompkins

Financial

Corp.

693

34,227

Toronto-Dominion

Bank

(The)

3,811

231,442

Towne

Bank

4,903

137,823

TriCo

Bancshares

1,910

69,429

Triumph

Financial,

Inc.

*

1,233

87,111

Truist

Financial

Corp.

58,189

2,156,484

TrustCo

Bank

Corp.

94

2,717

Trustmark

Corp.

593

16,005

UMB

Financial

Corp.

2,200

181,500

United

Bankshares,

Inc.

(d)

6,477

232,200

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Banks

United

Community

Banks,

Inc.

1,521

41,584

Unity

Bancorp,

Inc.

37

1,013

Univest

Financial

Corp.

2,111

44,838

US

Bancorp

68,736

2,855,293

USCB

Financial

Holdings,

Inc.

*

53

643

Valley

National

Bancorp

(d)

20,745

199,567

Veritex

Holdings,

Inc.

679

14,266

Virginia

National

Bankshares

Corp.

313

10,332

WaFd,

Inc.

5,371

155,974

Washington

Trust

Bancorp,

Inc.

1,503

41,798

Webster

Financial

Corp.

6,663

329,685

Wells

Fargo

&

Co.

159,980

8,027,796

WesBanco,

Inc.

3,036

89,076

West

Bancorp,

Inc.

661

12,433

Westamerica

Bancorp

351

16,750

Western

Alliance

Bancorp

4,410

282,064

Western

New

England

Bancorp,

Inc.

1,669

14,203

Wintrust

Financial

Corp.

(d)

2,475

240,026

WSFS

Financial

Corp.

1,338

59,554

Zions

Bancorp

NA

(d)

6,013

251,945

72,760,098

Beverages

0.8%

Boston

Beer

Co.,

Inc.

(The),

Class A

*

417

145,646

Brown-Forman

Corp.,

Class A

(d)

10,676

588,317

Celsius

Holdings,

Inc.

*

5,682

283,532

Coca-Cola

Co.

(The)

164,740

9,800,383

Coca-Cola

Consolidated,

Inc.

212

182,615

Constellation

Brands,

Inc.,

Class A

7,131

1,747,665

Duckhorn

Portfolio,

Inc.

(The)

*

2,696

23,267

Keurig

Dr

Pepper,

Inc.

40,562

1,275,269

MGP

Ingredients,

Inc.

(d)

691

58,700

Molson

Coors

Beverage

Co.,

Class B

7,506

463,796

Monster

Beverage

Corp.

*

30,707

1,689,499

National

Beverage

Corp.

*

865

39,998

PepsiCo,

Inc.

58,891

9,924,900

Primo

Water

Corp.

7,208

105,093

Vita

Coco

Co.,

Inc.

(The)

*(d)

1,699

33,453

Zevia

PBC,

Class A

*

1,653

2,810

26,364,943

Biotechnology

1.6%

2seventy

bio,

Inc.

*(d)

3,488

17,928

4D

Molecular

Therapeutics,

Inc.

*

1,156

19,941

89bio,

Inc.

*

2,381

23,572

Aadi

Bioscience,

Inc.

*(d)

81

149

AbbVie,

Inc.

74,872

12,308,957

Absci

Corp.

*(d)

8,818

34,919

ACADIA

Pharmaceuticals,

Inc.

*

5,835

151,185

ACELYRIN,

Inc.

*

344

2,621

Acrivon

Therapeutics,

Inc.

*

55

201

Common

Stocks

Shares

Value

($)

Biotechnology

Actinium

Pharmaceuticals,

Inc.

*

1,724

9,275

Acumen

Pharmaceuticals,

Inc.

*

6,175

19,636

Adicet

Bio,

Inc.

*

139

416

ADMA

Biologics,

Inc.

*

11,699

60,718

AEON

Biopharma,

Inc.

*(d)

1,497

10,793

Aerovate

Therapeutics,

Inc.

*

88

1,699

Affimed

NV

*

605

333

Agenus,

Inc.

*(d)

20,920

13,958

Agios

Pharmaceuticals,

Inc.

*

2,434

55,057

Akebia

Therapeutics,

Inc.

*(d)

22,125

37,170

Akero

Therapeutics,

Inc.

*

1,709

36,931

Aldeyra

Therapeutics,

Inc.

*

3,372

10,554

Alector,

Inc.

*

1,845

10,996

Alkermes

plc

*

7,634

206,500

Allakos,

Inc.

*

4,750

6,032

Allogene

Therapeutics,

Inc.

*(d)

5,459

19,216

Allovir,

Inc.

*

1,055

760

Alnylam

Pharmaceuticals,

Inc.

*

5,239

905,875

Alpine

Immune

Sciences,

Inc.

*

136

3,619

Altimmune,

Inc.

*(d)

3,550

33,512

Alvotech

SA

*(d)

261

4,111

ALX

Oncology

Holdings,

Inc.

*(d)

397

5,721

Ambrx

Biopharma,

Inc.

*

325

9,035

Amgen,

Inc.

22,712

7,137,473

Amicus

Therapeutics,

Inc.

*

12,628

156,966

AnaptysBio,

Inc.

*

890

21,004

Anavex

Life

Sciences

Corp.

*(d)

5,951

35,527

Anika

Therapeutics,

Inc.

*

551

12,960

Annexon,

Inc.

*

3,220

13,379

Annovis

Bio,

Inc.

*(d)

776

8,575

Apellis

Pharmaceuticals,

Inc.

*

4,540

287,337

Apogee

Therapeutics,

Inc.

*(d)

208

6,968

Applied

Therapeutics,

Inc.

*

4,407

13,794

Arbutus

Biopharma

Corp.

*

640

1,517

Arcellx,

Inc.

*

1,291

79,835

Arcturus

Therapeutics

Holdings,

Inc.

*

790

26,046

Arcus

Biosciences,

Inc.

*

2,898

43,876

Arcutis

Biotherapeutics,

Inc.

*(d)

3,567

20,938

Ardelyx,

Inc.

*(d)

6,857

59,862

Arrowhead

Pharmaceuticals,

Inc.

*

4,672

149,971

ARS

Pharmaceuticals,

Inc.

*

1,817

11,284

Astria

Therapeutics,

Inc.

*

1,825

23,780

Atara

Biotherapeutics,

Inc.

*(d)

8,905

5,553

Aura

Biosciences,

Inc.

*

195

1,501

Aurinia

Pharmaceuticals,

Inc.

*(d)

4,815

36,305

Avid

Bioservices,

Inc.

*

3,828

25,916

Avidity

Biosciences,

Inc.

*

3,042

37,204

Avita

Medical,

Inc.

*(d)

1,797

30,118

Beam

Therapeutics,

Inc.

*(d)

3,143

76,689

BioAtla,

Inc.

*

3,107

5,950

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

BioCryst

Pharmaceuticals,

Inc.

*

6,700

35,510

Biogen,

Inc.

*

6,219

1,533,979

Biohaven

Ltd.

*

2,129

94,698

BioMarin

Pharmaceutical,

Inc.

*

8,253

726,924

Biomea

Fusion,

Inc.

*(d)

1,469

26,560

BioVie,

Inc.,

Class A

*

54

56

Bioxcel

Therapeutics,

Inc.

*(d)

451

1,452

Bluebird

Bio,

Inc.

*

2,688

2,742

Blueprint

Medicines

Corp.

*

2,778

220,934

Bridgebio

Pharma,

Inc.

*(d)

4,374

149,984

C4

Therapeutics,

Inc.

*

6,373

39,385

Cabaletta

Bio,

Inc.

*

1,855

37,990

CareDx,

Inc.

*(d)

3,064

26,228

Cargo

Therapeutics,

Inc.

*

1,614

35,524

Caribou

Biosciences,

Inc.

*(d)

572

3,506

Carisma

Therapeutics,

Inc.

(d)

1,768

3,713

Cartesian

Therapeutics,

Inc.

*

8,244

5,936

Catalyst

Pharmaceuticals,

Inc.

*

4,395

63,288

Celcuity,

Inc.

*(d)

1,197

18,075

Celldex

Therapeutics,

Inc.

*

2,249

79,210

Century

Therapeutics,

Inc.

*

115

492

Cerevel

Therapeutics

Holdings,

Inc.

*

2,368

99,219

Chimerix,

Inc.

*

383

359

Cibus,

Inc.

*

1,342

22,478

Cogent

Biosciences,

Inc.

*

2,271

10,061

Coherus

Biosciences,

Inc.

*(d)

806

1,733

Compass

Therapeutics,

Inc.

*

6,456

8,393

Crinetics

Pharmaceuticals,

Inc.

*

2,015

73,507

Cue

Biopharma,

Inc.

*

2,500

6,600

Cullinan

Oncology,

Inc.

*

978

14,807

Cytokinetics,

Inc.

*(d)

3,751

293,066

Day

One

Biopharmaceuticals,

Inc.

*

3,051

45,918

Deciphera

Pharmaceuticals,

Inc.

*

2,425

34,726

Denali

Therapeutics,

Inc.

*(d)

5,388

86,262

Design

Therapeutics,

Inc.

*

3,372

7,992

Disc

Medicine,

Inc.

*

566

37,214

Dynavax

Technologies

Corp.

*(d)

7,084

91,525

Dyne

Therapeutics,

Inc.

*

1,915

40,981

Eagle

Pharmaceuticals,

Inc.

*

391

2,291

Editas

Medicine,

Inc.

*

4,270

30,018

Emergent

BioSolutions,

Inc.

*

3,307

5,523

Enanta

Pharmaceuticals,

Inc.

*

1,830

22,235

Entrada

Therapeutics,

Inc.

*(d)

1,511

22,015

Erasca,

Inc.

*(d)

5,120

8,550

Exact

Sciences

Corp.

*

7,725

505,215

Exelixis,

Inc.

*

14,564

316,913

Fate

Therapeutics,

Inc.

*

4,740

29,198

Fennec

Pharmaceuticals,

Inc.

*(d)

1,203

12,018

FibroGen,

Inc.

*

7,702

14,788

Foghorn

Therapeutics,

Inc.

*(d)

1,690

5,374

G1

Therapeutics,

Inc.

*(d)

4,243

16,760

Common

Stocks

Shares

Value

($)

Biotechnology

Genelux

Corp.

*(d)

293

3,100

Generation

Bio

Co.

*

1,290

2,425

Geron

Corp.

*(d)

23,084

42,475

Gilead

Sciences,

Inc.

52,955

4,144,258

GlycoMimetics,

Inc.

*(d)

4,290

12,870

Gossamer

Bio,

Inc.

*(d)

973

817

Graphite

Bio,

Inc.

*

1,988

5,407

Greenwich

Lifesciences,

Inc.

*(d)

27

233

Gritstone

bio,

Inc.

*(d)

6,242

14,918

Gyre

Therapeutics,

Inc.

*

2,801

34,648

Halozyme

Therapeutics,

Inc.

*

4,946

167,422

Heron

Therapeutics,

Inc.

*(d)

3,517

8,476

HilleVax,

Inc.

*(d)

94

1,332

Humacyte,

Inc.

*(d)

385

1,278

Icosavax,

Inc.

*

166

2,541

Ideaya

Biosciences,

Inc.

*

2,241

97,551

IGM

Biosciences,

Inc.

*(d)

337

3,545

Immuneering

Corp.,

Class A

*(d)

1,450

8,511

ImmunityBio,

Inc.

*(d)

1,405

4,721

ImmunoGen,

Inc.

*

10,066

295,135

Immunome,

Inc.

*(d)

1,684

27,904

Immunovant,

Inc.

*

1,820

66,266

Incyte

Corp.

*

7,867

462,344

Inhibrx,

Inc.

*

638

24,582

Inmune

Bio,

Inc.

*

1,744

20,806

Inovio

Pharmaceuticals,

Inc.

(Registered)

*

109

586

Inozyme

Pharma,

Inc.

*(d)

2,474

13,607

Insmed,

Inc.

*

5,844

162,463

Intellia

Therapeutics,

Inc.

*

4,035

96,114

Invivyd,

Inc.

*(d)

9,986

47,633

Ionis

Pharmaceuticals,

Inc.

*(d)

6,557

336,964

Iovance

Biotherapeutics,

Inc.

*(d)

9,172

70,900

Ironwood

Pharmaceuticals,

Inc.,

Class A

*

5,887

83,537

iTeos

Therapeutics,

Inc.

*

1,926

19,164

Janux

Therapeutics,

Inc.

*

154

1,318

KalVista

Pharmaceuticals,

Inc.

*

592

9,336

Karuna

Therapeutics,

Inc.

*

1,520

476,398

Karyopharm

Therapeutics,

Inc.

*(d)

3,431

2,575

Keros

Therapeutics,

Inc.

*

688

38,088

Kezar

Life

Sciences,

Inc.

*(d)

1,163

1,151

Kiniksa

Pharmaceuticals

Ltd.,

Class A

*

872

15,373

Kinnate

Biopharma,

Inc.

*

92

218

Kodiak

Sciences,

Inc.

*

2,021

8,104

Korro

Bio,

Inc.

*(d)

482

24,490

Krystal

Biotech,

Inc.

*(d)

1,008

112,140

Kura

Oncology,

Inc.

*

3,196

64,367

Kymera

Therapeutics,

Inc.

*

1,005

32,944

Larimar

Therapeutics,

Inc.

*

1,700

9,843

Lexeo

Therapeutics,

Inc.

*

2,342

40,142

Lexicon

Pharmaceuticals,

Inc.

*(d)

2,951

5,518

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Biotechnology

Lineage

Cell

Therapeutics,

Inc.

*(d)

9,433

8,774

Lyell

Immunopharma,

Inc.

*

13,743

25,150

MacroGenics,

Inc.

*(d)

379

5,420

Madrigal

Pharmaceuticals,

Inc.

*(d)

587

127,209

MannKind

Corp.

*(d)

11,911

39,783

MeiraGTx

Holdings

plc

*

932

5,657

Merrimack

Pharmaceuticals,

Inc.

*

694

9,300

Mersana

Therapeutics,

Inc.

*

1,783

5,634

MiMedx

Group,

Inc.

*

4,111

31,819

Mineralys

Therapeutics,

Inc.

*(d)

91

993

Mirum

Pharmaceuticals,

Inc.

*

453

11,986

Moderna,

Inc.

*(d)

14,331

1,448,148

Monte

Rosa

Therapeutics,

Inc.

*

157

831

MoonLake

Immunotherapeutics,

Class A

*(d)

122

6,817

Morphic

Holding,

Inc.

*

1,113

35,271

Mural

Oncology

plc

*

762

3,345

Myriad

Genetics,

Inc.

*

3,233

69,154

Natera,

Inc.

*

4,764

314,138

Neurocrine

Biosciences,

Inc.

*

4,130

577,250

Nkarta,

Inc.

*(d)

692

6,256

Novavax,

Inc.

*(d)

3,977

15,908

Nurix

Therapeutics,

Inc.

*

1,011

7,987

Nuvalent,

Inc.,

Class A

*(d)

568

42,697

Nuvectis

Pharma,

Inc.

*

454

3,310

Ocugen,

Inc.

*(d)

1,238

663

Olema

Pharmaceuticals,

Inc.

*

2,026

26,419

Omega

Therapeutics,

Inc.

*(d)

1,716

6,263

Organogenesis

Holdings,

Inc.,

Class A

*

1,157

3,818

ORIC

Pharmaceuticals,

Inc.

*(d)

2,747

30,190

Outlook

Therapeutics,

Inc.

*

600

232

Ovid

therapeutics,

Inc.

*

4,253

16,459

PDS

Biotechnology

Corp.

*(d)

1,854

9,919

PepGen,

Inc.

*

91

913

PMV

Pharmaceuticals,

Inc.

*

938

1,651

Poseida

Therapeutics,

Inc.,

Class A

*

4,777

16,433

Praxis

Precision

Medicines,

Inc.

*

554

24,171

Precigen,

Inc.

*(d)

3,046

4,203

Prelude

Therapeutics,

Inc.

*

145

476

Prime

Medicine,

Inc.

*(d)

138

876

ProKidney

Corp.,

Class A

*(d)

4,254

5,573

Protagonist

Therapeutics,

Inc.

*

2,995

74,905

Protalix

BioTherapeutics,

Inc.

*

3,723

5,398

Prothena

Corp.

plc

*

1,889

53,629

PTC

Therapeutics,

Inc.

*(d)

3,142

81,975

Puma

Biotechnology,

Inc.

*

4,937

23,204

Rallybio

Corp.

*

79

107

RAPT

Therapeutics,

Inc.

*

433

10,717

RayzeBio,

Inc.

*

969

60,175

Common

Stocks

Shares

Value

($)

Biotechnology

Recursion

Pharmaceuticals,

Inc.,

Class A

*(d)

4,569

42,994

Regeneron

Pharmaceuticals,

Inc.

*

4,364

4,114,292

REGENXBIO,

Inc.

*

2,119

26,106

Relay

Therapeutics,

Inc.

*(d)

4,251

39,322

Reneo

Pharmaceuticals,

Inc.

*

101

166

Renovaro

Biosciences,

Inc.

*(d)

4,063

17,755

Replimune

Group,

Inc.

*

1,863

14,457

REVOLUTION

Medicines,

Inc.

*

5,694

158,009

Rhythm

Pharmaceuticals,

Inc.

*(d)

1,553

68,503

Rigel

Pharmaceuticals,

Inc.

*

6,650

7,781

Rocket

Pharmaceuticals,

Inc.

*

1,958

56,253

Roivant

Sciences

Ltd.

*(d)

10,153

101,530

Sage

Therapeutics,

Inc.

*

2,464

63,177

Sana

Biotechnology,

Inc.

*(d)

2,850

15,647

Sangamo

Therapeutics,

Inc.

*

4,673

2,136

Sarepta

Therapeutics,

Inc.

*(d)

3,703

440,620

Savara,

Inc.

*(d)

5,476

27,051

Scholar

Rock

Holding

Corp.

*

2,168

30,244

Sera

Prognostics,

Inc.,

Class A

*

2,804

19,628

Seres

Therapeutics,

Inc.

*(d)

1,647

1,861

Shattuck

Labs,

Inc.

*(d)

2,730

25,771

Soleno

Therapeutics,

Inc.

*

631

29,247

SpringWorks

Therapeutics,

Inc.

*

3,088

136,273

Spyre

Therapeutics,

Inc.

*

2,578

66,796

Stoke

Therapeutics,

Inc.

*(d)

598

2,894

Summit

Therapeutics,

Inc.

*(d)

8,257

32,367

Sutro

Biopharma,

Inc.

*

782

3,394

Syndax

Pharmaceuticals,

Inc.

*

3,625

74,276

Syros

Pharmaceuticals,

Inc.

*

2,142

15,294

Tango

Therapeutics,

Inc.

*(d)

277

3,255

Taysha

Gene

Therapies,

Inc.

*

24,700

37,544

Tenaya

Therapeutics,

Inc.

*

223

938

TG

Therapeutics,

Inc.

*(d)

6,193

100,574

Tourmaline

Bio,

Inc.

1,280

42,739

Travere

Therapeutics,

Inc.

*

3,903

34,854

TriSalus

Life

Sciences,

Inc.

*(d)

2,000

18,080

TScan

Therapeutics,

Inc.

*

6,725

34,365

Twist

Bioscience

Corp.

*

1,915

62,046

Tyra

Biosciences,

Inc.

*(d)

95

1,273

Ultragenyx

Pharmaceutical,

Inc.

*

3,168

139,740

United

Therapeutics

Corp.

*

1,796

385,745

UroGen

Pharma

Ltd.

*

1,435

22,530

Vanda

Pharmaceuticals,

Inc.

*

1,996

7,186

Vaxart,

Inc.

*(d)

739

872

Vaxcyte,

Inc.

*

4,158

296,964

Vaxxinity,

Inc.,

Class A

*(d)

2,992

2,124

Vera

Therapeutics,

Inc.,

Class A

*(d)

140

5,099

Veracyte,

Inc.

*

3,369

84,292

Verastem,

Inc.

*(d)

2,134

25,075

Vericel

Corp.

*

2,310

99,284

32

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

Vertex

Pharmaceuticals,

Inc.

*

10,975

4,756,346

Verve

Therapeutics,

Inc.

*(d)

2,475

26,779

Vigil

Neuroscience,

Inc.

*(d)

1,123

3,055

Viking

Therapeutics,

Inc.

*

4,430

106,940

Vir

Biotechnology,

Inc.

*

3,120

29,328

Viridian

Therapeutics,

Inc.

*

2,964

57,057

Vor

BioPharma,

Inc.

*(d)

2,789

6,415

Voyager

Therapeutics,

Inc.

*

2,282

16,590

Werewolf

Therapeutics,

Inc.

*

2,865

13,265

X4

Pharmaceuticals,

Inc.

*(d)

8,162

6,378

XBiotech,

Inc.

*

90

413

Xencor,

Inc.

*

2,854

53,370

XOMA

Corp.

*(d)

485

9,685

Y-mAbs

Therapeutics,

Inc.

*(d)

1,135

14,517

Zentalis

Pharmaceuticals,

Inc.

*(d)

2,484

29,435

Zura

Bio

Ltd.,

Class A

*(d)

605

1,724

Zymeworks,

Inc.

*(d)

673

7,295

49,888,402

Broadline

Retail

2.0%

1stdibs.com,

Inc.

*

4,398

20,275

1stdibs.com,

Inc.

*

116

535

Amazon.com,

Inc.

*

384,951

59,744,395

Big

Lots,

Inc.

(d)

1,166

6,693

ContextLogic,

Inc.,

Class A

*(d)

1,329

5,808

Coupang,

Inc.,

Class A

*

46,291

648,074

Dillard's,

Inc.,

Class A

(d)

108

41,825

eBay,

Inc.

22,313

916,395

Etsy,

Inc.

*(d)

5,133

341,652

Groupon,

Inc.,

Class A

*

3,194

43,630

Kohl's

Corp.

(d)

5,113

131,711

Macy's,

Inc.

12,369

226,229

Nordstrom,

Inc.

(d)

5,050

91,657

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

2,436

175,221

Pan

Pacific

International

Holdings

Corp.

123,200

2,719,208

Qurate

Retail,

Inc. Series

A,*

1,774

1,437

Savers

Value

Village,

Inc.

*

1,307

24,428

65,139,173

Building

Products

0.4%

A

O

Smith

Corp.

4,420

343,036

AAON,

Inc.

2,570

180,311

Advanced

Drainage

Systems,

Inc.

2,892

377,175

Allegion

plc

3,659

453,314

American

Woodmark

Corp.

*

630

57,506

Apogee

Enterprises,

Inc.

953

50,328

Armstrong

World

Industries,

Inc.

2,027

201,099

AZEK

Co.,

Inc.

(The),

Class A

*

5,809

223,995

AZZ,

Inc.

1,351

84,370

Builders

FirstSource,

Inc.

*

4,213

731,925

Carlisle

Cos.,

Inc.

2,075

652,090

Carrier

Global

Corp.

35,462

1,940,126

CSW

Industrials,

Inc.

711

150,426

Fortune

Brands

Innovations,

Inc.

(d)

5,292

410,606

Common

Stocks

Shares

Value

($)

Building

Products

Gibraltar

Industries,

Inc.

*

1,584

128,177

Griffon

Corp.

1,749

101,897

Hayward

Holdings,

Inc.

*(d)

3,852

48,227

Insteel

Industries,

Inc.

764

26,457

Janus

International

Group,

Inc.

*(d)

3,141

44,445

JELD-WEN

Holding,

Inc.

*

3,058

56,879

Johnson

Controls

International

plc

28,510

1,502,192

Lennox

International,

Inc.

1,219

521,927

Masco

Corp.

8,200

551,778

Masonite

International

Corp.

*

994

91,498

Masterbrand,

Inc.

*(d)

6,060

85,264

Owens

Corning

(d)

3,873

586,876

PGT

Innovations,

Inc.

*

2,581

106,389

Quanex

Building

Products

Corp.

1,291

40,305

Resideo

Technologies,

Inc.

*(d)

6,675

111,940

Simpson

Manufacturing

Co.,

Inc.

1,766

319,628

Tecnoglass,

Inc.

114

5,245

Trane

Technologies

plc

9,688

2,441,860

Trex

Co.,

Inc.

*

4,553

370,978

UFP

Industries,

Inc.

2,445

277,385

Zurn

Elkay

Water

Solutions

Corp.

(d)

6,814

202,035

13,477,689

Capital

Markets

1.9%

Affiliated

Managers

Group,

Inc.

(d)

1,351

201,083

AlTi

Global,

Inc.

*(d)

1,529

9,495

Ameriprise

Financial,

Inc.

4,020

1,555,057

Ares

Management

Corp.,

Class A

9,694

1,177,627

Artisan

Partners

Asset

Management,

Inc.,

Class A

4,572

191,567

AssetMark

Financial

Holdings,

Inc.

*

1,998

61,279

B.

Riley

Financial,

Inc.

(d)

820

19,204

Bakkt

Holdings,

Inc.

*(d)

364

499

Bank

of

New

York

Mellon

Corp.

(The)

33,654

1,866,451

Beneficient,

Class A

*

650

217

BGC

Group,

Inc.,

Class A

(d)

12,633

89,189

BlackRock,

Inc.

930

720,108

Blackstone,

Inc.

(d)

29,653

3,690,316

Blue

Owl

Capital,

Inc.,

Class A

(d)

20,043

311,468

Bridge

Investment

Group

Holdings,

Inc.,

Class A

4,524

44,245

Brightsphere

Investment

Group,

Inc.

4,307

95,271

Carlyle

Group,

Inc.

(The)

(d)

9,836

393,637

Cboe

Global

Markets,

Inc.

5,045

927,523

Charles

Schwab

Corp.

(The)

62,654

3,942,190

CME

Group,

Inc.

15,567

3,204,311

Cohen

&

Steers,

Inc.

1,322

93,095

Coinbase

Global,

Inc.,

Class A

*(d)

7,145

915,989

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

Capital

Markets

Diamond

Hill

Investment

Group,

Inc.

400

63,812

Donnelley

Financial

Solutions,

Inc.

*

1,257

78,085

Evercore,

Inc.,

Class A

2,170

372,654

FactSet

Research

Systems,

Inc.

1,761

838,095

Federated

Hermes,

Inc.,

Class B

11,722

409,801

Forge

Global

Holdings,

Inc.

*

7,804

14,984

Franklin

Resources,

Inc.

14,441

384,564

GCM

Grosvenor,

Inc.,

Class A

(d)

3,545

30,806

Goldman

Sachs

Group,

Inc.

(The)

14,309

5,494,799

Hamilton

Lane,

Inc.,

Class A

(d)

1,835

212,750

Houlihan

Lokey,

Inc.,

Class A

2,624

314,303

Interactive

Brokers

Group,

Inc.,

Class A

4,514

400,618

Intercontinental

Exchange,

Inc.

25,767

3,280,912

Invesco

Ltd.

17,788

281,584

Janus

Henderson

Group

plc

7,986

229,677

Jefferies

Financial

Group,

Inc.

10,149

413,673

KKR

&

Co.,

Inc.

38,892

3,367,269

Lazard,

Inc.

4,771

185,974

LPL

Financial

Holdings,

Inc.

3,361

803,918

MarketAxess

Holdings,

Inc.

1,642

370,287

Moelis

&

Co.,

Class A

(d)

5,858

322,014

Moody's

Corp.

7,181

2,815,239

Morgan

Stanley

54,218

4,729,978

Morningstar,

Inc.

1,184

330,691

MSCI,

Inc.,

Class A

3,319

1,986,820

Nasdaq,

Inc.

15,615

902,079

Northern

Trust

Corp.

9,418

750,050

Open

Lending

Corp.

*

5,467

40,128

Oppenheimer

Holdings,

Inc.,

Class A

29

1,084

P10,

Inc.,

Class A

222

2,042

Patria

Investments

Ltd.,

Class A

3,884

55,425

Perella

Weinberg

Partners,

Class A

4,233

49,738

Pershing

Square,

Escrow

*^∞

1,191

0

Piper

Sandler

Cos.

1,114

193,268

PJT

Partners,

Inc.,

Class A

(d)

1,655

159,161

Raymond

James

Financial,

Inc.

10,083

1,110,945

Robinhood

Markets,

Inc.,

Class A

*

26,506

284,674

S&P

Global,

Inc.

13,376

5,997,130

SEI

Investments

Co.

6,280

397,147

Silvercrest

Asset

Management

Group,

Inc.,

Class A

3,180

53,042

State

Street

Corp.

13,642

1,007,735

StepStone

Group,

Inc.,

Class A

2,780

92,991

Stifel

Financial

Corp.

(d)

5,017

365,990

StoneX

Group,

Inc.

*

1,560

102,570

SuRo

Capital

Corp.

*

118

440

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

10,952

1,187,744

TPG,

Inc.,

Class A

3,344

139,211

Tradeweb

Markets,

Inc.,

Class A

4,933

470,559

Trinity

Capital,

Inc.

210

2,913

Value

Line,

Inc.

40

1,784

Victory

Capital

Holdings,

Inc.,

Class A

3,137

105,811

Virtu

Financial,

Inc.,

Class A

(d)

4,122

69,208

Virtus

Investment

Partners,

Inc.

495

116,874

WisdomTree,

Inc.

1,303

8,821

XP,

Inc.,

Class A

12,452

306,070

61,217,762

Chemicals

1.3%

AdvanSix,

Inc.

1,313

33,324

Air

Products

&

Chemicals,

Inc.

9,340

2,388,331

Albemarle

Corp.

5,135

589,190

Alto

Ingredients,

Inc.

*

16,165

29,744

American

Vanguard

Corp.

1,178

12,864

Arcadium

Lithium

plc

*

41,083

200,896

Ashland,

Inc.

1,792

167,767

Aspen

Aerogels,

Inc.

*

913

10,253

Avient

Corp.

3,979

144,080

Axalta

Coating

Systems

Ltd.

*

8,808

285,555

Balchem

Corp.

1,408

197,345

Cabot

Corp.

2,483

179,024

Celanese

Corp.,

Class A

(d)

4,245

621,001

CF

Industries

Holdings,

Inc.

8,130

613,896

Chemours

Co.

(The)

6,836

206,242

Core

Molding

Technologies,

Inc.

*

514

8,892

Corteva,

Inc.

29,743

1,352,712

Danimer

Scientific,

Inc.,

Class A

*(d)

2,347

1,497

Dow,

Inc.

30,171

1,617,166

DuPont

de

Nemours,

Inc.

18,805

1,162,149

Eastman

Chemical

Co.

5,142

429,614

Ecolab,

Inc.

11,663

2,311,840

Ecovyst,

Inc.

*

5,343

49,476

Element

Solutions,

Inc.

10,315

229,302

FMC

Corp.

5,066

284,709

Ginkgo

Bioworks

Holdings,

Inc.,

Class A

*(d)

48,891

59,158

Hawkins,

Inc.

760

50,593

HB

Fuller

Co.

2,003

151,767

Huntsman

Corp.

6,851

168,124

Ingevity

Corp.

*

1,719

74,880

Innospec,

Inc.

(d)

1,295

150,362

International

Flavors

&

Fragrances,

Inc.

10,927

881,590

Intrepid

Potash,

Inc.

*

377

6,937

Koppers

Holdings,

Inc.

799

40,861

Kronos

Worldwide,

Inc.

915

8,519

Linde

plc

21,111

8,546,366

Loop

Industries,

Inc.

*

90

317

LSB

Industries,

Inc.

*

3,748

27,885

LyondellBasell

Industries

NV,

Class A

11,524

1,084,639

Mativ

Holdings,

Inc.

(d)

2,321

27,922

34

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Chemicals

Minerals

Technologies,

Inc.

1,340

87,569

Mitsui

Chemicals,

Inc.

109,500

3,228,283

Mosaic

Co.

(The)

13,295

408,289

NewMarket

Corp.

291

162,323

Olin

Corp.

5,032

262,016

Origin

Materials,

Inc.

*(d)

9,991

5,895

Orion

SA

1,731

38,774

Perimeter

Solutions

SA

*

7,877

37,337

PPG

Industries,

Inc.

9,957

1,404,335

PureCycle

Technologies,

Inc.

*(d)

5,178

20,298

Quaker

Chemical

Corp.

(d)

626

118,902

Rayonier

Advanced

Materials,

Inc.

*

2,365

10,264

RPM

International,

Inc.

5,233

558,152

Scotts

Miracle-Gro

Co.

(The)

1,906

107,232

Sensient

Technologies

Corp.

1,869

115,934

Sherwin-Williams

Co.

(The)

10,060

3,062,063

Shin-Etsu

Chemical

Co.

Ltd.

154,400

6,084,319

Stepan

Co.

(d)

938

83,735

Trinseo

plc

1,821

10,981

Tronox

Holdings

plc

6,274

86,518

Westlake

Corp.

1,477

204,343

40,504,351

Commercial

Services

&

Supplies

0.4%

ABM

Industries,

Inc.

2,964

120,902

ACCO

Brands

Corp.

3,255

19,790

ACV

Auctions,

Inc.,

Class A

*

5,759

74,694

Aris

Water

Solutions,

Inc.,

Class A

2,874

25,004

Brady

Corp.,

Class A

5,358

322,712

BrightView

Holdings,

Inc.

*

1,228

10,966

Brink's

Co.

(The)

1,908

154,243

Casella

Waste

Systems,

Inc.,

Class A

*

2,469

210,704

CECO

Environmental

Corp.

*

377

7,287

Cimpress

plc

*

501

37,685

Cintas

Corp.

3,742

2,262,301

Civeo

Corp.

69

1,532

Clean

Harbors,

Inc.

*

2,137

358,931

CompX

International,

Inc.

74

1,785

Copart,

Inc.

*

35,297

1,695,668

CoreCivic,

Inc.

*(d)

4,571

65,000

Deluxe

Corp.

2,669

50,471

Driven

Brands

Holdings,

Inc.

*

2,069

27,125

Ennis,

Inc.

981

19,983

Enviri

Corp.

*

2,892

24,900

GEO

Group,

Inc.

(The)

*(d)

5,433

60,415

Healthcare

Services

Group,

Inc.

*

5,166

48,767

HNI

Corp.

2,543

103,551

Interface,

Inc.,

Class A

2,218

27,525

LanzaTech

Global,

Inc.

*(d)

2,088

9,093

Li-Cycle

Holdings

Corp.

*(d)

8,155

3,508

Liquidity

Services,

Inc.

*

901

15,722

Matthews

International

Corp.,

Class A

(d)

1,564

51,456

MillerKnoll,

Inc.

2,268

60,306

Montrose

Environmental

Group,

Inc.

*

1,315

38,411

MSA

Safety,

Inc.

1,509

249,030

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

NL

Industries,

Inc.

345

1,811

OPENLANE,

Inc.

*

5,337

75,145

Performant

Financial

Corp.

*

4,462

12,583

Pitney

Bowes,

Inc.

1,882

7,735

RB

Global,

Inc.

6,655

425,720

Republic

Services,

Inc.,

Class A

8,681

1,485,493

Rollins,

Inc.

10,906

472,339

SP

Plus

Corp.

*

881

45,574

Steelcase,

Inc.,

Class A

4,574

57,998

Stericycle,

Inc.

*(d)

4,276

205,248

Tetra

Tech,

Inc.

2,222

351,476

UniFirst

Corp.

575

97,417

Veralto

Corp.

9,684

742,666

Vestis

Corp.

5,467

116,994

Viad

Corp.

*

804

26,580

Virco

Mfg.

Corp.

1,146

13,729

VSE

Corp.

69

4,286

Waste

Management,

Inc.

17,173

3,187,824

13,490,085

Communications

Equipment

0.5%

ADTRAN

Holdings,

Inc.

4,294

26,902

Applied

Optoelectronics,

Inc.

*(d)

2,428

38,193

Arista

Networks,

Inc.

*

10,632

2,750,286

Aviat

Networks,

Inc.

*

58

1,730

Calix,

Inc.

*

2,658

88,192

Cambium

Networks

Corp.

*

208

884

Ciena

Corp.

*

5,935

314,555

Cisco

Systems,

Inc.

173,698

8,716,166

Clearfield,

Inc.

*(d)

562

14,157

CommScope

Holding

Co.,

Inc.

*

1,681

3,900

Comtech

Telecommunications

Corp.

*

998

6,317

Digi

International,

Inc.

*(d)

1,723

41,886

DZS,

Inc.

*(d)

348

543

Extreme

Networks,

Inc.

*

5,453

73,670

F5,

Inc.

*

2,439

448,044

Harmonic,

Inc.

*(d)

5,073

59,354

Infinera

Corp.

*(d)

3,705

18,303

Juniper

Networks,

Inc.

13,630

503,765

KVH

Industries,

Inc.

*(d)

1,244

6,058

Lantronix,

Inc.

*

4,224

25,682

Lumentum

Holdings,

Inc.

*(d)

3,076

168,995

Motorola

Solutions,

Inc.

7,199

2,300,081

NETGEAR,

Inc.

*

1,152

16,358

NetScout

Systems,

Inc.

*

3,431

73,801

Ribbon

Communications,

Inc.

*

3,211

9,761

Ubiquiti,

Inc.

(d)

213

26,783

Viasat,

Inc.

*(d)

4,845

107,704

Viavi

Solutions,

Inc.

*(d)

10,236

100,620

15,942,690

Construction

&

Engineering

0.2%

AECOM

5,776

509,385

Ameresco,

Inc.,

Class A

*(d)

730

14,914

API

Group

Corp.

*

9,285

292,663

Arcosa,

Inc.

2,195

171,825

Argan,

Inc.

574

25,445

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Bowman

Consulting

Group

Ltd.,

Class A

*(d)

723

22,709

Comfort

Systems

USA,

Inc.

1,428

310,547

Concrete

Pumping

Holdings,

Inc.

*

981

7,573

Construction

Partners,

Inc.,

Class A

*

1,775

80,763

Dycom

Industries,

Inc.

*

1,303

145,545

EMCOR

Group,

Inc.

1,848

421,547

Fluor

Corp.

*

6,737

254,052

Granite

Construction,

Inc.

1,510

68,116

Great

Lakes

Dredge

&

Dock

Corp.

*

2,484

18,978

IES

Holdings,

Inc.

*

260

21,310

INNOVATE

Corp.

*(d)

3,044

2,752

Limbach

Holdings,

Inc.

*

656

28,208

MasTec,

Inc.

*

2,840

186,503

Matrix

Service

Co.

*

3,663

33,993

MDU

Resources

Group,

Inc.

9,048

176,526

MYR

Group,

Inc.

*

775

111,484

Northwest

Pipe

Co.

*(d)

334

10,144

Orion

Group

Holdings,

Inc.

*

811

4,590

Primoris

Services

Corp.

2,324

76,227

Quanta

Services,

Inc.

(d)

6,177

1,198,647

Shimmick

Corp.

*

3,654

22,655

Southland

Holdings,

Inc.

*

18

88

Sterling

Infrastructure,

Inc.

*

1,390

104,389

Tutor

Perini

Corp.

*

1,563

14,004

Valmont

Industries,

Inc.

(d)

929

209,685

WillScot

Mobile

Mini

Holdings

Corp.

*

8,023

379,488

4,924,755

Construction

Materials

0.1%

CRH

plc

22,112

1,586,757

Eagle

Materials,

Inc.

1,426

322,675

Knife

River

Corp.

*

2,395

156,849

Martin

Marietta

Materials,

Inc.

2,089

1,062,089

Smith-Midland

Corp.

*(d)

718

27,898

Summit

Materials,

Inc.,

Class A

*

5,548

200,727

United

States

Lime

&

Minerals,

Inc.

79

20,435

Vulcan

Materials

Co.

5,013

1,132,988

4,510,418

Consumer

Finance

0.4%

Ally

Financial,

Inc.

12,262

449,770

American

Express

Co.

25,071

5,032,752

Atlanticus

Holdings

Corp.

*

178

6,175

Bread

Financial

Holdings,

Inc.

2,536

91,981

Capital

One

Financial

Corp.

16,326

2,209,234

Credit

Acceptance

Corp.

*

331

179,094

Discover

Financial

Services

10,734

1,132,652

Encore

Capital

Group,

Inc.

*(d)

1,523

76,272

Enova

International,

Inc.

*

1,220

66,405

EZCORP,

Inc.,

Class A

*

258

2,219

FirstCash

Holdings,

Inc.

1,657

190,174

Green

Dot

Corp.,

Class A

*

470

4,235

LendingClub

Corp.

*

6,396

57,692

LendingTree,

Inc.

*

769

24,869

Medallion

Financial

Corp.

(d)

1,720

17,320

Common

Stocks

Shares

Value

($)

Consumer

Finance

Moneylion,

Inc.

*(d)

1,015

46,802

Navient

Corp.

3,363

57,911

Nelnet,

Inc.,

Class A

523

45,569

NerdWallet,

Inc.,

Class A

*(d)

971

14,866

OneMain

Holdings,

Inc.

5,874

279,602

Oportun

Financial

Corp.

*

123

453

PRA

Group,

Inc.

*

854

19,446

PROG

Holdings,

Inc.

*(d)

2,215

67,868

Regional

Management

Corp.

392

9,557

SLM

Corp.

9,981

198,422

SoFi

Technologies,

Inc.

*(d)

38,497

301,431

Synchrony

Financial

18,908

734,954

Upstart

Holdings,

Inc.

*(d)

3,397

107,889

World

Acceptance

Corp.

*

208

27,312

11,452,926

Consumer

Staples

Distribution

&

Retail

1.1%

Albertsons

Cos.,

Inc.,

Class A

17,291

366,915

Andersons,

Inc.

(The)

1,123

59,193

BJ's

Wholesale

Club

Holdings,

Inc.

*

5,612

361,076

Casey's

General

Stores,

Inc.

1,336

362,537

Chefs'

Warehouse,

Inc.

(The)

*(d)

1,619

51,517

Costco

Wholesale

Corp.

19,115

13,282,631

Dollar

General

Corp.

9,292

1,227,194

Dollar

Tree,

Inc.

*

8,751

1,143,056

Grocery

Outlet

Holding

Corp.

*

4,483

111,089

HF

Foods

Group,

Inc.

*

1,463

7,315

Ingles

Markets,

Inc.,

Class A

662

55,773

Kroger

Co.

(The)

20,361

939,457

Maplebear,

Inc.

*(d)

1,456

35,628

Natural

Grocers

by

Vitamin

Cottage,

Inc.

355

5,307

Performance

Food

Group

Co.

*

6,114

444,366

PriceSmart,

Inc.

1,252

95,177

SpartanNash

Co.

1,342

30,101

Sprouts

Farmers

Market,

Inc.

*(d)

2,359

118,823

Sysco

Corp.

21,605

1,748,493

Target

Corp.

19,594

2,725,133

United

Natural

Foods,

Inc.

*

2,477

36,932

US

Foods

Holding

Corp.

*

9,056

416,667

Village

Super

Market,

Inc.,

Class A

302

7,680

Walgreens

Boots

Alliance,

Inc.

30,277

683,352

Walmart,

Inc.

62,002

10,245,830

Weis

Markets,

Inc.

(d)

617

37,483

34,598,725

Containers

&

Packaging

0.2%

Amcor

plc

61,348

578,512

AptarGroup,

Inc.

2,855

370,807

Ardagh

Group

SA,

Class A

*^∞(d)

742

4,233

Ardagh

Metal

Packaging

SA

9,140

33,727

Avery

Dennison

Corp.

3,403

678,728

Ball

Corp.

(d)

13,069

724,676

Berry

Global

Group,

Inc.

4,497

294,374

Crown

Holdings,

Inc.

4,533

401,170

36

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Graphic

Packaging

Holding

Co.

12,077

308,084

Greif,

Inc.,

Class A

592

37,088

International

Paper

Co.

13,970

500,545

Myers

Industries,

Inc.

1,449

27,169

O-I

Glass,

Inc.

*

7,050

102,648

Packaging

Corp.

of

America

3,725

617,903

Pactiv

Evergreen,

Inc.

2,123

30,996

Ranpak

Holdings

Corp.,

Class A

*

2,490

10,259

Sealed

Air

Corp.

6,569

226,959

Silgan

Holdings,

Inc.

(d)

2,751

126,381

Sonoco

Products

Co.

3,772

214,627

TriMas

Corp.

2,440

60,219

Westrock

Co.

10,921

439,679

5,788,784

Distributors

0.1%

Genuine

Parts

Co.

6,027

845,166

GigaCloud

Technology,

Inc.,

Class A

*

28

622

LKQ

Corp.

11,532

538,198

Pool

Corp.

(d)

1,646

611,078

Weyco

Group,

Inc.

(d)

27

867

1,995,931

Diversified

Consumer

Services

0.1%

2U,

Inc.

*(d)

4,178

3,554

ADT,

Inc.

5,205

33,989

Adtalem

Global

Education,

Inc.

*

1,696

85,614

Allurion

Technologies,

Inc.

*

1,087

3,250

American

Public

Education,

Inc.

*

1,185

12,537

Bright

Horizons

Family

Solutions,

Inc.

*

2,679

263,212

Carriage

Services,

Inc.,

Class A

685

16,926

Chegg,

Inc.

*

5,131

50,540

Coursera,

Inc.

*(d)

6,084

116,448

Duolingo,

Inc.,

Class A

*

1,145

204,829

European

Wax

Center,

Inc.,

Class A

*(d)

1,298

19,262

Frontdoor,

Inc.

*

3,810

124,816

Graham

Holdings

Co.,

Class B

211

152,004

Grand

Canyon

Education,

Inc.

*(d)

1,302

170,028

H&R

Block,

Inc.

6,226

291,626

Laureate

Education,

Inc.

4,365

55,086

Lincoln

Educational

Services

Corp.

*

1,709

15,313

Mister

Car

Wash,

Inc.

*(d)

1,436

11,919

Nerdy,

Inc.

*(d)

317

973

OneSpaWorld

Holdings

Ltd.

*(d)

3,939

53,689

Perdoceo

Education

Corp.

2,586

46,807

Rover

Group,

Inc.,

Class A

*

532

5,820

Service

Corp.

International

6,054

406,344

Strategic

Education,

Inc.

1,116

104,971

Stride,

Inc.

*(d)

1,549

92,863

Udemy,

Inc.

*

2,519

34,233

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Universal

Technical

Institute,

Inc.

*

166

2,344

WW

International,

Inc.

*

1,700

6,392

2,385,389

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

5,708

98,862

Alpine

Income

Property

Trust,

Inc.

864

13,427

American

Assets

Trust,

Inc.

1,963

44,030

Armada

Hoffler

Properties,

Inc.

3,076

36,789

Broadstone

Net

Lease,

Inc.

6,054

97,288

CTO

Realty

Growth,

Inc.

767

12,678

Empire

State

Realty

Trust,

Inc.,

Class A

4,893

46,581

Essential

Properties

Realty

Trust,

Inc.

6,238

155,389

Gladstone

Commercial

Corp.

1,269

16,269

Global

Net

Lease,

Inc.

7,743

65,428

One

Liberty

Properties,

Inc.

681

13,783

WP

Carey,

Inc.

8,833

547,293

1,147,817

Diversified

Telecommunication

Services

0.4%

Anterix,

Inc.

*(d)

955

28,478

AST

SpaceMobile,

Inc.,

Class A

*(d)

4,421

12,688

AT&T,

Inc.

302,906

5,358,407

ATN

International,

Inc.

431

15,904

Bandwidth,

Inc.,

Class A

*

755

10,449

Charge

Enterprises,

Inc.

*(d)

9,573

1,316

Cogent

Communications

Holdings,

Inc.

1,832

141,430

Consolidated

Communications

Holdings,

Inc.

*

2,853

12,382

EchoStar

Corp.,

Class A

*(d)

4,986

66,763

Frontier

Communications

Parent,

Inc.

*(d)

9,442

232,557

Globalstar,

Inc.

*(d)

27,595

43,876

IDT

Corp.,

Class B

*

304

10,512

Iridium

Communications,

Inc.

5,621

203,817

Liberty

Latin

America

Ltd.,

Class A

*

9,729

68,740

Lumen

Technologies,

Inc.

*(d)

40,295

49,160

Ooma,

Inc.

*

750

8,115

Shenandoah

Telecommunications

Co.

2,047

41,943

Verizon

Communications,

Inc.

182,622

7,734,042

14,040,579

Electric

Utilities

0.8%

ALLETE,

Inc.

2,615

154,572

Alliant

Energy

Corp.

11,023

536,379

American

Electric

Power

Co.,

Inc.

23,291

1,819,959

Avangrid,

Inc.

3,455

104,963

Constellation

Energy

Corp.

13,624

1,662,128

Duke

Energy

Corp.

(d)

32,845

3,147,536

Edison

International

17,842

1,203,978

Entergy

Corp.

(d)

8,759

873,798

Evergy,

Inc.

9,456

480,081

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Electric

Utilities

Eversource

Energy

14,882

806,902

Exelon

Corp.

39,333

1,369,182

FirstEnergy

Corp.

21,809

799,954

Genie

Energy

Ltd.,

Class B

1,378

25,644

Hawaiian

Electric

Industries,

Inc.

5,134

66,588

IDACORP,

Inc.

2,210

204,602

MGE

Energy,

Inc.

1,785

115,115

NextEra

Energy,

Inc.

85,756

5,027,874

NRG

Energy,

Inc.

(d)

9,899

525,043

OGE

Energy

Corp.

8,121

269,942

Otter

Tail

Corp.

1,873

169,357

PG&E

Corp.

84,499

1,425,498

Pinnacle

West

Capital

Corp.

4,712

324,657

PNM

Resources,

Inc.

3,486

126,298

Portland

General

Electric

Co.

4,162

170,351

PPL

Corp.

32,031

839,212

Southern

Co.

(The)

48,821

3,394,036

Xcel

Energy,

Inc.

23,402

1,401,078

27,044,727

Electrical

Equipment

0.6%

Acuity

Brands,

Inc.

1,268

301,987

Allient,

Inc.

487

13,568

American

Superconductor

Corp.

*

146

1,606

AMETEK,

Inc.

9,895

1,603,485

Amprius

Technologies,

Inc.

*

75

307

Array

Technologies,

Inc.

*(d)

6,811

90,178

Atkore,

Inc.

*(d)

1,506

229,710

Babcock

&

Wilcox

Enterprises,

Inc.

*

431

569

Blink

Charging

Co.

*(d)

1,435

3,444

Bloom

Energy

Corp.,

Class A

*(d)

8,886

100,589

ChargePoint

Holdings,

Inc.

*(d)

12,904

24,518

Eaton

Corp.

plc

16,933

4,166,873

Emerson

Electric

Co.

25,226

2,313,981

Encore

Wire

Corp.

687

154,918

Energy

Vault

Holdings,

Inc.

*(d)

344

523

EnerSys

1,902

181,774

Enovix

Corp.

*(d)

6,280

58,467

Eos

Energy

Enterprises,

Inc.

*(d)

7,915

8,786

ESS

Tech,

Inc.

*(d)

166

171

Fluence

Energy,

Inc.,

Class A

*

954

18,956

Freyr

Battery,

Inc.

*

565

763

FuelCell

Energy,

Inc.

*(d)

18,956

22,747

Fuji

Electric

Co.

Ltd.

83,600

4,183,049

Generac

Holdings,

Inc.

*

2,538

288,494

GrafTech

International

Ltd.

11,440

15,215

Hubbell,

Inc.,

Class B

2,071

694,965

LSI

Industries,

Inc.

1,877

25,640

Net

Power,

Inc.

*(d)

2,982

26,540

NEXTracker,

Inc.,

Class A

*(d)

5,352

242,285

NuScale

Power

Corp.,

Class A

*(d)

155

448

nVent

Electric

plc

(d)

7,156

429,646

Plug

Power,

Inc.

*(d)

24,233

107,837

Powell

Industries,

Inc.

372

44,093

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Preformed

Line

Products

Co.

111

13,570

Regal

Rexnord

Corp.

2,727

363,945

Rockwell

Automation,

Inc.

4,956

1,255,256

Sensata

Technologies

Holding

plc

3,994

144,463

SES

AI

Corp.

*(d)

9,141

11,975

Shoals

Technologies

Group,

Inc.,

Class A

*

7,822

103,016

SKYX

Platforms

Corp.

*(d)

4,006

6,009

Stem,

Inc.

*(d)

8,294

24,550

SunPower

Corp.

*(d)

4,390

13,302

Sunrun,

Inc.

*(d)

7,044

101,997

Thermon

Group

Holdings,

Inc.

*

1,318

43,204

Tigo

Energy,

Inc.

*

105

153

TPI

Composites,

Inc.

*(d)

1,212

3,272

Vertiv

Holdings

Co.,

Class A

14,347

808,166

Vicor

Corp.

*(d)

659

24,825

18,273,835

Electronic

Equipment,

Instruments

&

Components

0.7%

908

Devices,

Inc.

*(d)

394

2,789

Advanced

Energy

Industries,

Inc.

(d)

1,722

179,398

Aeva

Technologies,

Inc.

*(d)

4,158

3,543

Akoustis

Technologies,

Inc.

*(d)

770

442

Amphenol

Corp.,

Class A

26,841

2,713,625

Arlo

Technologies,

Inc.

*

2,987

26,525

Arrow

Electronics,

Inc.

*

1,451

161,279

Avnet,

Inc.

2,856

129,377

Badger

Meter,

Inc.

1,334

192,083

Bel

Fuse,

Inc.,

Class B

113

7,555

Belden,

Inc.

1,899

140,868

Benchmark

Electronics,

Inc.

1,157

31,378

CDW

Corp.

(d)

5,741

1,301,600

Climb

Global

Solutions,

Inc.

(d)

276

15,241

Cognex

Corp.

(d)

8,050

290,927

Coherent

Corp.

*

5,491

261,042

Corning,

Inc.

30,912

1,004,331

Crane

NXT

Co.

2,229

129,906

CTS

Corp.

(d)

1,325

54,404

Daktronics,

Inc.

*

2,779

21,065

ePlus,

Inc.

*

1,029

77,731

Evolv

Technologies

Holdings,

Inc.

*(d)

474

2,071

Fabrinet

*

1,464

312,579

FARO

Technologies,

Inc.

*

687

15,554

Flex

Ltd.

*

2,223

52,774

Focus

Universal,

Inc.

*

125

190

Hamamatsu

Photonics

KK

38,700

1,529,712

Ibiden

Co.

Ltd.

71,300

3,588,765

Identiv,

Inc.

*(d)

1,912

14,952

Insight

Enterprises,

Inc.

*(d)

1,272

234,989

IPG

Photonics

Corp.

*

1,399

136,948

Iteris,

Inc.

*

2,832

13,650

Itron,

Inc.

*(d)

2,114

152,504

Jabil,

Inc.

5,077

636,097

Keyence

Corp.

7,200

3,229,756

Keysight

Technologies,

Inc.

*

7,587

1,162,784

Kimball

Electronics,

Inc.

*

962

22,876

38

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Knowles

Corp.

*

4,670

76,168

Lightwave

Logic,

Inc.

*(d)

3,362

14,490

Littelfuse,

Inc.

1,122

271,412

Luna

Innovations,

Inc.

*(d)

2,293

16,441

Methode

Electronics,

Inc.

1,553

32,240

MicroVision,

Inc.

*(d)

5,426

12,914

Mirion

Technologies,

Inc.,

Class A

*(d)

7,767

73,398

Napco

Security

Technologies,

Inc.

604

20,989

nLight,

Inc.

*

1,377

17,873

Novanta,

Inc.

*

1,637

252,998

OSI

Systems,

Inc.

*

757

96,919

Ouster,

Inc.

*

5,255

27,431

PAR

Technology

Corp.

*(d)

1,205

54,876

PC

Connection,

Inc.

445

28,707

Plexus

Corp.

*(d)

1,256

118,968

Richardson

Electronics

Ltd.

794

7,813

Rogers

Corp.

*

500

57,635

Sanmina

Corp.

*(d)

2,541

152,003

ScanSource,

Inc.

*

666

26,147

SmartRent,

Inc.,

Class A

*(d)

10,957

32,323

TD

SYNNEX

Corp.

1,793

179,264

Teledyne

Technologies,

Inc.

*

1,967

823,130

Trimble,

Inc.

*

10,635

540,896

TTM

Technologies,

Inc.

*(d)

3,864

53,748

Vishay

Intertechnology,

Inc.

(d)

4,188

91,005

Vishay

Precision

Group,

Inc.

*

462

14,729

Vontier

Corp.

6,898

238,602

Vuzix

Corp.

*(d)

2,222

3,711

Zebra

Technologies

Corp.,

Class A

*

2,235

535,394

21,723,534

Energy

Equipment

&

Services

0.3%

Archrock,

Inc.

6,468

105,687

Atlas

Energy

Solutions,

Inc.

(d)

1,405

24,405

Baker

Hughes

Co.,

Class A

45,425

1,294,613

Borr

Drilling

Ltd.

9,360

57,564

Bristow

Group,

Inc.,

Class A

*

357

9,418

Cactus,

Inc.,

Class A

(d)

2,850

120,954

ChampionX

Corp.

9,062

248,389

Core

Laboratories,

Inc.

1,855

29,253

Diamond

Offshore

Drilling,

Inc.

*

5,259

64,160

DMC

Global,

Inc.

*

594

10,110

Dril-Quip,

Inc.

*

1,911

38,354

Expro

Group

Holdings

NV

*

3,717

65,419

Forum

Energy

Technologies,

Inc.

*

699

13,777

Geospace

Technologies

Corp.

*

1,699

25,587

Halliburton

Co.

38,768

1,382,079

Helix

Energy

Solutions

Group,

Inc.

*(d)

6,988

65,687

Helmerich

&

Payne,

Inc.

2,702

108,783

KLX

Energy

Services

Holdings,

Inc.

*(d)

840

8,165

Kodiak

Gas

Services,

Inc.

95

2,225

Liberty

Energy,

Inc.,

Class A

(d)

7,210

149,896

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Mammoth

Energy

Services,

Inc.

*

1,545

5,423

Nabors

Industries

Ltd.

*(d)

108

9,135

Natural

Gas

Services

Group,

Inc.

*

1,662

24,298

Newpark

Resources,

Inc.

*(d)

3,205

20,800

Nine

Energy

Service,

Inc.

*(d)

147

354

Noble

Corp.

plc

4,161

183,625

NOV,

Inc.

(d)

15,617

304,688

Oceaneering

International,

Inc.

*

4,605

95,692

Oil

States

International,

Inc.

*

2,217

13,679

Patterson-UTI

Energy,

Inc.

16,261

180,334

ProFrac

Holding

Corp.,

Class A

*(d)

120

949

ProPetro

Holding

Corp.

*

3,404

28,798

Ranger

Energy

Services,

Inc.,

Class A

1,098

11,156

RPC,

Inc.

(d)

4,304

31,462

Schlumberger

NV

61,028

2,972,064

SEACOR

Marine

Holdings,

Inc.

*

1,712

18,079

Seadrill

Ltd.

*

1,208

52,210

Select

Water

Solutions,

Inc.,

Class A

2,634

20,466

Solaris

Oilfield

Infrastructure,

Inc.,

Class A

1,124

8,430

TechnipFMC

plc

18,894

365,410

TETRA

Technologies,

Inc.

*

5,313

22,261

Tidewater,

Inc.

*

1,686

113,282

US

Silica

Holdings,

Inc.

*

3,601

38,603

Valaris

Ltd.

*

2,895

179,114

Weatherford

International

plc

*

2,846

254,859

8,779,696

Entertainment

1.0%

AMC

Entertainment

Holdings,

Inc.,

Class A

*

2,231

9,036

Atlanta

Braves

Holdings,

Inc.,

Class A

*(d)

2,076

84,548

Capcom

Co.

Ltd.

138,400

5,348,713

Cinemark

Holdings,

Inc.

*

4,259

58,902

Electronic

Arts,

Inc.

11,400

1,568,412

Endeavor

Group

Holdings,

Inc.,

Class A

399

9,875

IMAX

Corp.

*

1,997

27,898

Liberty

Media

Corp-Liberty

Formula

One,

Class A

*

9,169

613,406

Liberty

Media

Corp-Liberty

Live,

Class A

*

3,271

121,435

Lions

Gate

Entertainment

Corp.,

Class A

*(d)

5,624

56,179

Live

Nation

Entertainment,

Inc.

*

6,772

601,692

Loop

Media,

Inc.

*(d)

2,417

1,692

Madison

Square

Garden

Entertainment

Corp.,

Class A

*

1,878

62,613

Madison

Square

Garden

Sports

Corp.

*

691

127,904

Marcus

Corp.

(The)

(d)

1,458

19,800

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Entertainment

Netflix,

Inc.

*

18,268

10,305,162

Playstudios,

Inc.

*

3,481

7,658

Playtika

Holding

Corp.

*

511

3,689

Reservoir

Media,

Inc.

*

174

1,218

ROBLOX

Corp.,

Class A

*

19,472

755,708

Roku,

Inc.,

Class A

*

5,399

475,436

Skillz,

Inc.,

Class A

*

68

366

Sphere

Entertainment

Co.

*

853

30,179

Spotify

Technology

SA

*

5,963

1,284,132

Take-Two

Interactive

Software,

Inc.

*

7,136

1,176,940

TKO

Group

Holdings,

Inc.

2,038

170,560

Vivid

Seats,

Inc.,

Class A

*

227

1,303

Walt

Disney

Co.

(The)

77,343

7,428,795

Warner

Bros

Discovery,

Inc.

*

96,097

962,892

Warner

Music

Group

Corp.,

Class A

642

23,427

31,339,570

Financial

Services

2.8%

Acacia

Research

Corp.

*

3,020

11,808

Affirm

Holdings,

Inc.,

Class A

*(d)

9,215

373,300

Alerus

Financial

Corp.

506

11,491

A-Mark

Precious

Metals,

Inc.

101

2,724

Apollo

Global

Management,

Inc.

(d)

28,796

2,891,118

AvidXchange

Holdings,

Inc.

*

6,720

73,651

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class E

2,611

62,795

Berkshire

Hathaway,

Inc.,

Class B

*

76,182

29,234,081

Block,

Inc.,

Class A

*

23,360

1,518,634

Burford

Capital

Ltd.

3,020

45,421

Cannae

Holdings,

Inc.

*

3,296

66,744

Cantaloupe,

Inc.

*

3,056

20,811

Cass

Information

Systems,

Inc.

549

23,695

Compass

Diversified

Holdings

2,586

57,125

Corebridge

Financial,

Inc.

803

19,409

Enact

Holdings,

Inc.

(d)

151

4,302

Equitable

Holdings,

Inc.

17,222

562,987

Essent

Group

Ltd.

4,317

238,126

Euronet

Worldwide,

Inc.

*

1,806

179,968

EVERTEC,

Inc.

3,115

125,098

Federal

Agricultural

Mortgage

Corp.,

Class C

739

137,668

Fidelity

National

Information

Services,

Inc.

25,475

1,586,073

Finance

of

America

Cos.,

Inc.,

Class A

*

4,182

3,513

Fiserv,

Inc.

*

25,851

3,667,481

FleetCor

Technologies,

Inc.

*

2,989

866,601

Flywire

Corp.

*

3,904

83,428

Global

Payments,

Inc.

11,075

1,475,522

Guild

Holdings

Co.,

Class A

44

616

I3

Verticals,

Inc.,

Class A

*

620

11,619

International

Money

Express,

Inc.

*

1,025

21,115

Jack

Henry

&

Associates,

Inc.

3,178

527,008

Common

Stocks

Shares

Value

($)

Financial

Services

Jackson

Financial,

Inc.,

Class A

3,671

183,807

Marqeta,

Inc.,

Class A

*(d)

22,024

132,364

Mastercard,

Inc.,

Class A

35,376

15,891,960

Merchants

Bancorp

508

22,220

MGIC

Investment

Corp.

11,918

236,453

Mr.

Cooper

Group,

Inc.

*

3,002

202,215

NCR

Atleos

Corp.

*

2,800

62,692

NewtekOne,

Inc.

1,662

19,961

NMI

Holdings,

Inc.,

Class A

*

3,878

123,786

Ocwen

Financial

Corp.

*(d)

426

12,324

ORIX

Corp.

235,500

4,531,685

Pagseguro

Digital

Ltd.,

Class A

*

7,926

102,008

Paymentus

Holdings,

Inc.,

Class A

*

80

1,269

Payoneer

Global,

Inc.

*

9,579

44,830

PayPal

Holdings,

Inc.

*

46,764

2,868,971

Paysafe

Ltd.

*

2,419

35,995

Paysign,

Inc.

*(d)

2,165

6,647

PennyMac

Financial

Services,

Inc.

(d)

1,271

110,857

Priority

Technology

Holdings,

Inc.

*(d)

487

1,729

Radian

Group,

Inc.

(d)

6,999

202,831

Remitly

Global,

Inc.

*(d)

4,053

69,468

Repay

Holdings

Corp.,

Class A

*

3,202

25,104

Rocket

Cos.,

Inc.,

Class A

*(d)

4,355

53,610

Security

National

Financial

Corp.,

Class A

*

828

6,483

Shift4

Payments,

Inc.,

Class A

*(d)

1,994

143,189

StoneCo

Ltd.,

Class A

*

9,686

166,502

Toast,

Inc.,

Class A

*

14,101

250,575

UWM

Holdings

Corp.,

Class A

5,234

35,068

Velocity

Financial,

Inc.

*

99

1,559

Visa,

Inc.,

Class A

(d)

68,921

18,833,352

Voya

Financial,

Inc.

4,389

317,632

Walker

&

Dunlop,

Inc.

(d)

1,229

118,709

Waterstone

Financial,

Inc.

1,455

19,352

Western

Union

Co.

(The)

15,867

199,448

WEX,

Inc.

*(d)

1,791

366,062

89,304,649

Food

Products

0.7%

Ajinomoto

Co.,

Inc.

125,300

5,144,227

Archer-Daniels-Midland

Co.

24,770

1,376,717

B&G

Foods,

Inc.

(d)

3,924

39,475

Benson

Hill,

Inc.

*(d)

16,655

2,868

Beyond

Meat,

Inc.

*(d)

3,113

20,608

BRC,

Inc.,

Class A

*(d)

297

1,123

Bunge

Global

SA

5,902

519,907

Calavo

Growers,

Inc.

642

16,750

Cal-Maine

Foods,

Inc.

(d)

1,609

89,171

Campbell

Soup

Co.

8,001

357,085

Conagra

Brands,

Inc.

21,683

632,059

Darling

Ingredients,

Inc.

*

7,260

314,358

Dole

plc

2,228

25,154

Flowers

Foods,

Inc.

8,555

195,054

Fresh

Del

Monte

Produce,

Inc.

1,725

42,400

Freshpet,

Inc.

*

2,093

180,207

40

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Food

Products

General

Mills,

Inc.

26,098

1,694,021

Hain

Celestial

Group,

Inc.

(The)

*(d)

3,312

35,471

Hershey

Co.

(The)

6,137

1,187,755

Hormel

Foods

Corp.

12,337

374,675

Ingredion,

Inc.

2,641

284,092

J

&

J

Snack

Foods

Corp.

716

114,009

J

M

Smucker

Co.

(The)

4,340

570,927

John

B

Sanfilippo

&

Son,

Inc.

259

27,747

Kellanova

10,833

593,215

Kraft

Heinz

Co.

(The)

34,463

1,279,611

Lamb

Weston

Holdings,

Inc.

6,229

638,099

Lancaster

Colony

Corp.

(d)

709

130,300

Lifeway

Foods,

Inc.

*

1,162

14,467

Limoneira

Co.

(d)

1,245

22,584

Mama's

Creations,

Inc.

*

6,418

27,662

McCormick

&

Co.,

Inc.

(Non-Voting)

10,538

718,270

Mission

Produce,

Inc.

*

1,802

18,002

Mondelez

International,

Inc.,

Class A

60,632

4,563,771

Pilgrim's

Pride

Corp.

*

710

19,291

Post

Holdings,

Inc.

*(d)

1,858

172,552

Seaboard

Corp.

3

10,809

Seneca

Foods

Corp.,

Class A

*

232

12,384

Simply

Good

Foods

Co.

(The)

*

4,094

154,753

Sovos

Brands,

Inc.

*(d)

1,877

41,388

SunOpta,

Inc.

*

7,031

41,834

Tootsie

Roll

Industries,

Inc.

72

2,346

TreeHouse

Foods,

Inc.

*

2,417

101,756

Tyson

Foods,

Inc.,

Class A

12,117

663,527

Utz

Brands,

Inc.

(d)

3,160

55,932

Vital

Farms,

Inc.

*

132

1,898

Westrock

Coffee

Co.

*(d)

2,044

21,176

Whole

Earth

Brands,

Inc.

*

147

585

WK

Kellogg

Co.

2,930

38,061

22,590,133

Gas

Utilities

0.1%

Atmos

Energy

Corp.

(d)

6,475

737,762

Brookfield

Infrastructure

Corp.,

Class A

4,123

144,346

Chesapeake

Utilities

Corp.

947

95,912

National

Fuel

Gas

Co.

3,299

155,581

New

Jersey

Resources

Corp.

4,293

175,283

Northwest

Natural

Holding

Co.

1,937

71,398

ONE

Gas,

Inc.

(d)

1,877

115,191

RGC

Resources,

Inc.

531

10,147

Southwest

Gas

Holdings,

Inc.

(d)

2,850

167,238

Spire,

Inc.

(d)

2,157

122,453

Star

Group

LP

(d)

149

1,685

UGI

Corp.

9,483

209,954

2,006,950

Ground

Transportation

0.7%

ArcBest

Corp.

810

96,495

Avis

Budget

Group,

Inc.

(d)

720

117,871

Covenant

Logistics

Group,

Inc.,

Class A

414

20,013

CSX

Corp.

83,961

2,997,408

Common

Stocks

Shares

Value

($)

Ground

Transportation

Daseke,

Inc.

*

1,493

12,153

FTAI

Infrastructure,

Inc.

7,063

30,088

Heartland

Express,

Inc.

(d)

1,886

24,424

Hertz

Global

Holdings,

Inc.

*(d)

5,768

48,163

JB

Hunt

Transport

Services,

Inc.

3,590

721,518

Knight-Swift

Transportation

Holdings,

Inc.,

Class A

6,439

369,470

Landstar

System,

Inc.

(d)

1,470

281,828

Lyft,

Inc.,

Class A

*

14,384

179,656

Marten

Transport

Ltd.

(d)

2,914

53,909

Norfolk

Southern

Corp.

9,607

2,259,951

Old

Dominion

Freight

Line,

Inc.

4,223

1,651,277

PAM

Transportation

Services,

Inc.

*

29

601

RXO,

Inc.

*

5,347

111,218

Ryder

System,

Inc.

1,368

155,364

Saia,

Inc.

*

1,155

520,420

Schneider

National,

Inc.,

Class B

(d)

636

15,595

TuSimple

Holdings,

Inc.,

Class A

*(d)

697

161

Uber

Technologies,

Inc.

*

81,891

5,345,025

U-Haul

Holding

Co.

*(d)

492

32,600

U-Haul

Holding

Co.

(Non-Voting)

3,749

239,449

Union

Pacific

Corp.

26,681

6,508,296

Universal

Logistics

Holdings,

Inc.

270

8,240

Werner

Enterprises,

Inc.

2,660

105,203

XPO,

Inc.

*

4,918

420,194

22,326,590

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

73,573

8,324,785

Accuray,

Inc.

*(d)

6,646

17,213

Align

Technology,

Inc.

*

3,262

871,998

Alphatec

Holdings,

Inc.

*(d)

3,549

57,103

AngioDynamics,

Inc.

*

1,437

8,478

Apyx

Medical

Corp.

*

146

327

Artivion,

Inc.

*(d)

1,400

23,408

Asahi

Intecc

Co.

Ltd.

113,700

2,160,493

AtriCure,

Inc.

*(d)

2,216

75,477

Atrion

Corp.

25

8,500

Avanos

Medical,

Inc.

*

2,063

39,589

Axogen,

Inc.

*

1,348

13,035

Axonics,

Inc.

*

2,202

149,472

Baxter

International,

Inc.

21,559

834,118

Becton

Dickinson

&

Co.

12,244

2,923,990

Beyond

Air,

Inc.

*(d)

1,699

2,854

Bioventus,

Inc.,

Class A

*

4,387

19,040

Boston

Scientific

Corp.

*

62,085

3,927,497

Butterfly

Network,

Inc.

*(d)

6,116

5,511

Cerus

Corp.

*

15,078

27,291

ClearPoint

Neuro,

Inc.

*(d)

1,629

11,338

CONMED

Corp.

(d)

1,351

129,156

Cooper

Cos.,

Inc.

(The)

2,063

769,561

Cutera,

Inc.

*(d)

653

1,724

CVRx,

Inc.

*

802

20,146

Dentsply

Sirona,

Inc.

8,902

309,345

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Dexcom,

Inc.

*

16,306

1,978,733

Edwards

Lifesciences

Corp.

*

25,878

2,030,647

Embecta

Corp.

(d)

2,564

43,947

Enovis

Corp.

*

2,523

148,100

Envista

Holdings

Corp.

*

7,589

178,342

GE

HealthCare

Technologies,

Inc.

16,490

1,209,706

Glaukos

Corp.

*

2,157

192,038

Globus

Medical,

Inc.,

Class A

*

4,755

251,016

Haemonetics

Corp.

*

1,866

142,674

Hologic,

Inc.

*

9,818

730,852

Hoya

Corp.

12,700

1,610,956

ICU

Medical,

Inc.

*

887

81,187

IDEXX

Laboratories,

Inc.

*

3,539

1,822,868

Inari

Medical,

Inc.

*(d)

2,314

131,782

Inmode

Ltd.

*

3,118

73,865

Inogen,

Inc.

*

3,235

23,017

Inspire

Medical

Systems,

Inc.

*

1,318

277,927

Insulet

Corp.

*

3,009

574,328

Integer

Holdings

Corp.

*(d)

1,483

150,258

Integra

LifeSciences

Holdings

Corp.

*

3,254

130,648

Intuitive

Surgical,

Inc.

*

14,792

5,594,630

iRadimed

Corp.

207

8,572

iRhythm

Technologies,

Inc.

*

1,406

168,411

KORU

Medical

Systems,

Inc.

*(d)

2,317

4,819

Lantheus

Holdings,

Inc.

*(d)

2,425

125,930

LeMaitre

Vascular,

Inc.

(d)

947

54,964

LivaNova

plc

*

2,278

110,893

Masimo

Corp.

*

1,805

232,737

Medtronic

plc

56,388

4,936,206

Merit

Medical

Systems,

Inc.

*(d)

2,580

202,014

Nano-X

Imaging

Ltd.

*(d)

1,645

8,949

Neogen

Corp.

*

9,856

152,768

NeuroPace,

Inc.

*(d)

1,078

15,760

Nevro

Corp.

*

1,643

27,208

Novocure

Ltd.

*

4,771

66,412

Olympus

Corp.

221,200

3,277,215

Omnicell,

Inc.

*

2,039

65,595

OraSure

Technologies,

Inc.

*(d)

2,453

18,079

Orchestra

BioMed

Holdings,

Inc.

*(d)

111

786

Orthofix

Medical,

Inc.

*

1,086

15,085

OrthoPediatrics

Corp.

*

482

12,590

Outset

Medical,

Inc.

*

2,943

8,947

Paragon

28,

Inc.

*

3,321

42,110

Penumbra,

Inc.

*(d)

1,533

386,607

PROCEPT

BioRobotics

Corp.

*(d)

1,795

83,108

Pulmonx

Corp.

*

1,034

13,732

Pulse

Biosciences,

Inc.

*

1,160

10,301

QuidelOrtho

Corp.

*

2,281

156,271

ResMed,

Inc.

6,194

1,178,099

RxSight,

Inc.

*

144

6,553

Sanara

Medtech,

Inc.

*(d)

268

9,058

Semler

Scientific,

Inc.

*

359

15,900

Senseonics

Holdings,

Inc.

*(d)

2,388

1,343

Shockwave

Medical,

Inc.

*

1,467

331,909

SI-BONE,

Inc.

*

1,177

23,787

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Sight

Sciences,

Inc.

*

142

602

Silk

Road

Medical,

Inc.

*

808

12,225

STAAR

Surgical

Co.

*(d)

2,229

62,434

Stereotaxis,

Inc.

*(d)

340

687

STERIS

plc

4,221

924,188

Stryker

Corp.

15,113

5,070,109

Surmodics,

Inc.

*

526

18,520

Tactile

Systems

Technology,

Inc.

*

704

10,680

Tandem

Diabetes

Care,

Inc.

*

3,020

68,856

Tela

Bio,

Inc.

*(d)

1,052

7,269

Teleflex,

Inc.

2,022

491,002

Terumo

Corp.

76,400

2,579,029

TransMedics

Group,

Inc.

*(d)

1,442

123,680

Treace

Medical

Concepts,

Inc.

*

1,926

25,962

UFP

Technologies,

Inc.

*

292

49,205

Utah

Medical

Products,

Inc.

148

11,723

Varex

Imaging

Corp.

*(d)

1,473

28,385

Vicarious

Surgical,

Inc.,

Class A

*(d)

310

125

Xtant

Medical

Holdings,

Inc.

*

7,251

6,671

Zimmer

Biomet

Holdings,

Inc.

8,928

1,121,357

Zimvie,

Inc.

*

133

2,325

Zomedica

Corp.

*(d)

4,873

652

Zynex,

Inc.

*(d)

775

9,176

60,506,550

Health

Care

Providers

&

Services

1.7%

23andMe

Holding

Co.,

Class A

*

17,526

12,813

Acadia

Healthcare

Co.,

Inc.

*

3,560

292,418

Accolade,

Inc.

*

3,088

34,956

AdaptHealth

Corp.,

Class A

*

1,377

9,942

Addus

HomeCare

Corp.

*

742

64,257

Agiliti,

Inc.

*(d)

1,016

7,203

agilon

health,

Inc.

*

12,357

72,783

AirSculpt

Technologies,

Inc.

*(d)

57

414

Alignment

Healthcare,

Inc.

*

1,296

8,683

Amedisys,

Inc.

*

1,458

137,446

AMN

Healthcare

Services,

Inc.

*

1,365

101,024

Apollo

Medical

Holdings,

Inc.

*

2,004

69,639

Aveanna

Healthcare

Holdings,

Inc.

*

266

612

Biodesix,

Inc.

*

1,400

2,800

Brookdale

Senior

Living,

Inc.

*

7,349

40,199

Cano

Health,

Inc.

*(d)

106

253

Cardinal

Health,

Inc.

11,471

1,252,518

CareMax,

Inc.

*(d)

287

99

Castle

Biosciences,

Inc.

*

868

20,033

Cencora,

Inc.

(d)

6,727

1,565,238

Centene

Corp.

*

22,755

1,713,679

Chemed

Corp.

618

366,344

Cigna

Group

(The)

12,339

3,713,422

Clover

Health

Investments

Corp.,

Class A

*

1,897

1,818

Community

Health

Systems,

Inc.

*

7,351

26,978

CorVel

Corp.

*(d)

347

81,663

42

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Cross

Country

Healthcare,

Inc.

*

1,527

32,449

CVS

Health

Corp.

53,230

3,958,715

DaVita,

Inc.

*

2,150

232,544

DocGo,

Inc.

*(d)

3,206

11,862

Elevance

Health,

Inc.

9,945

4,907,261

Encompass

Health

Corp.

3,908

277,624

Enhabit,

Inc.

*

2,531

25,538

Ensign

Group,

Inc.

(The)

2,375

268,898

Fulgent

Genetics,

Inc.

*(d)

940

23,115

Guardant

Health,

Inc.

*

5,086

111,536

HCA

Healthcare,

Inc.

8,521

2,598,053

HealthEquity,

Inc.

*

3,347

252,966

Henry

Schein,

Inc.

*

5,484

410,423

Hims

&

Hers

Health,

Inc.

*(d)

6,828

58,584

Humana,

Inc.

5,845

2,209,761

InfuSystem

Holdings,

Inc.

*

1,298

11,981

Innovage

Holding

Corp.

*

92

487

Invitae

Corp.

*(d)

11,822

4,611

Joint

Corp.

(The)

*

493

4,812

Laboratory

Corp.

of

America

Holdings

3,538

786,497

LifeStance

Health

Group,

Inc.

*(d)

2,209

13,210

McKesson

Corp.

5,544

2,771,390

ModivCare,

Inc.

*

834

33,168

Molina

Healthcare,

Inc.

*

2,430

866,149

National

HealthCare

Corp.

(d)

486

45,217

National

Research

Corp.

521

20,527

NeoGenomics,

Inc.

*

4,441

65,949

Nutex

Health,

Inc.

*

1,699

221

OPKO

Health,

Inc.

*(d)

13,011

13,271

Option

Care

Health,

Inc.

*

7,681

239,954

Owens

&

Minor,

Inc.

*(d)

1,876

36,976

Patterson

Cos.,

Inc.

2,768

82,652

Pediatrix

Medical

Group,

Inc.

*(d)

4,318

40,416

Pennant

Group,

Inc.

(The)

*

1,008

15,130

PetIQ,

Inc.,

Class A

*

751

13,495

Premier,

Inc.,

Class A

5,422

117,224

Privia

Health

Group,

Inc.

*(d)

4,951

99,812

Progyny,

Inc.

*

3,539

134,801

Quest

Diagnostics,

Inc.

4,617

592,961

Quipt

Home

Medical

Corp.

*

2,675

12,573

R1

RCM,

Inc.

*

6,921

70,871

RadNet,

Inc.

*

2,305

85,216

Select

Medical

Holdings

Corp.

4,411

114,642

Surgery

Partners,

Inc.

*

3,027

92,899

Talkspace,

Inc.

*

16,488

39,736

Tenet

Healthcare

Corp.

*

4,131

341,799

UnitedHealth

Group,

Inc.

40,077

20,509,004

Universal

Health

Services,

Inc.,

Class B

2,528

401,472

US

Physical

Therapy,

Inc.

575

53,050

Viemed

Healthcare,

Inc.

*

2,263

18,376

52,727,112

Health

Care

REITs

0.1%

CareTrust

REIT,

Inc.

5,306

111,002

Community

Healthcare

Trust,

Inc.

1,382

35,365

Diversified

Healthcare

Trust

8,712

25,003

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Global

Medical

REIT,

Inc.

1,572

15,893

Healthcare

Realty

Trust,

Inc.,

Class A

16,751

269,859

Healthpeak

Properties,

Inc.

22,850

422,725

LTC

Properties,

Inc.

2,215

69,042

Medical

Properties

Trust,

Inc.

27,369

84,844

National

Health

Investors,

Inc.

2,096

111,465

Omega

Healthcare

Investors,

Inc.

9,787

283,823

Physicians

Realty

Trust

10,789

132,057

Sabra

Health

Care

REIT,

Inc.

11,030

147,140

Universal

Health

Realty

Income

Trust

491

19,547

Ventas,

Inc.

17,072

791,970

Welltower,

Inc.

23,760

2,055,478

4,575,213

Health

Care

Technology

0.1%

American

Well

Corp.,

Class A

*

16,102

16,907

Augmedix,

Inc.

*

3,752

16,584

Certara,

Inc.

*

5,406

87,361

Computer

Programs

&

Systems,

Inc.

*

516

5,227

Definitive

Healthcare

Corp.,

Class A

*(d)

2,409

20,477

Doximity,

Inc.,

Class A

*(d)

5,061

136,394

Evolent

Health,

Inc.,

Class A

*

5,006

147,226

GoodRx

Holdings,

Inc.,

Class A

*

404

2,424

Health

Catalyst,

Inc.

*

3,526

34,449

HealthStream,

Inc.

1,485

39,531

LifeMD,

Inc.

*(d)

4,128

23,076

Multiplan

Corp.

*(d)

18,230

18,412

OptimizeRx

Corp.

*(d)

452

6,382

Phreesia,

Inc.

*

1,544

39,341

Schrodinger,

Inc.

*(d)

2,562

67,765

Sharecare,

Inc.

*(d)

6,407

7,240

Simulations

Plus,

Inc.

(d)

520

19,708

Teladoc

Health,

Inc.

*(d)

7,483

145,395

Veeva

Systems,

Inc.,

Class A

*

7,791

1,615,931

Veradigm,

Inc.

*(d)

1,854

16,927

2,466,757

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

9,887

158,785

Ashford

Hospitality

Trust,

Inc.

*

173

287

Braemar

Hotels

&

Resorts,

Inc.

262

597

Chatham

Lodging

Trust

1,867

19,603

DiamondRock

Hospitality

Co.

10,323

94,352

Host

Hotels

&

Resorts,

Inc.

30,881

593,533

Park

Hotels

&

Resorts,

Inc.

9,972

150,378

Pebblebrook

Hotel

Trust

2,013

30,638

RLJ

Lodging

Trust

7,101

82,230

Ryman

Hospitality

Properties,

Inc.

2,522

277,168

Service

Properties

Trust

7,604

58,779

Summit

Hotel

Properties,

Inc.

3,246

21,034

Sunstone

Hotel

Investors,

Inc.

10,226

109,111

Xenia

Hotels

&

Resorts,

Inc.

5,429

72,369

1,668,864

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.4%

Accel

Entertainment,

Inc.,

Class A

*

1,403

14,381

Airbnb,

Inc.,

Class A

*(d)

17,372

2,504,000

Aramark

9,636

280,215

Bally's

Corp.

*

1,169

13,163

Biglari

Holdings,

Inc.,

Class B

*

48

7,424

BJ's

Restaurants,

Inc.

*

1,306

45,201

Bloomin'

Brands,

Inc.

(d)

4,072

108,397

Booking

Holdings,

Inc.

*

1,505

5,278,742

Bowlero

Corp.,

Class A

*(d)

988

10,680

Boyd

Gaming

Corp.

2,748

174,470

Brinker

International,

Inc.

*

1,778

76,081

Caesars

Entertainment,

Inc.

*

9,426

413,519

Carnival

Corp.

*(d)

41,813

693,260

Carrols

Restaurant

Group,

Inc.

2,610

24,534

Cava

Group,

Inc.

*(d)

694

32,479

Century

Casinos,

Inc.

*

1,438

4,990

Cheesecake

Factory,

Inc.

(The)

(d)

2,261

77,711

Chipotle

Mexican

Grill,

Inc.,

Class A

*

1,171

2,820,670

Choice

Hotels

International,

Inc.

(d)

985

119,303

Churchill

Downs,

Inc.

2,898

350,571

Chuy's

Holdings,

Inc.

*

697

23,566

Cracker

Barrel

Old

Country

Store,

Inc.

(d)

1,069

82,687

Darden

Restaurants,

Inc.

(d)

5,208

846,717

Dave

&

Buster's

Entertainment,

Inc.

*

1,860

99,566

Denny's

Corp.

*

2,068

21,983

Dine

Brands

Global,

Inc.

781

36,434

Domino's

Pizza,

Inc.

1,456

620,576

DoorDash,

Inc.,

Class A

*

11,529

1,201,322

DraftKings,

Inc.,

Class A

*

18,541

724,026

Dutch

Bros,

Inc.,

Class A

*(d)

210

5,638

El

Pollo

Loco

Holdings,

Inc.

*

643

5,954

Empire

Resorts,

Inc.

*∞

168

0

Everi

Holdings,

Inc.

*

3,673

38,236

Expedia

Group,

Inc.

*

5,848

867,434

First

Watch

Restaurant

Group,

Inc.

*(d)

127

2,725

GEN

Restaurant

Group,

Inc.

*

1,774

14,068

Genius

Sports

Ltd.

*(d)

704

4,724

Global

Business

Travel

Group

I

*(d)

3,483

20,167

Golden

Entertainment,

Inc.

1,249

47,937

Hilton

Grand

Vacations,

Inc.

*

2,633

109,796

Hilton

Worldwide

Holdings,

Inc.

11,158

2,130,732

Hyatt

Hotels

Corp.,

Class A

1,949

250,193

Inspired

Entertainment,

Inc.

*

125

1,147

International

Game

Technology

plc

4,462

115,833

Jack

in

the

Box,

Inc.

945

73,682

Krispy

Kreme,

Inc.

(d)

4,328

57,519

Kura

Sushi

USA,

Inc.,

Class A

*(d)

162

15,897

Las

Vegas

Sands

Corp.

14,787

723,380

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Life

Time

Group

Holdings,

Inc.

*

1,989

26,454

Light

&

Wonder,

Inc.

*

3,735

300,219

Lindblad

Expeditions

Holdings,

Inc.

*(d)

1,006

9,295

Marriott

International,

Inc.,

Class A

10,402

2,493,671

Marriott

Vacations

Worldwide

Corp.

1,663

139,509

McDonald's

Corp.

31,896

9,336,597

MGM

Resorts

International

*

12,465

540,607

Monarch

Casino

&

Resort,

Inc.

724

49,905

Mondee

Holdings,

Inc.,

Class A

*(d)

3,137

7,325

Nathan's

Famous,

Inc.

201

14,341

NEOGAMES

SA

*

67

1,875

Noodles

&

Co.,

Class A

*

1,188

3,017

Norwegian

Cruise

Line

Holdings

Ltd.

*

17,670

314,526

ONE

Group

Hospitality,

Inc.

(The)

*

309

1,360

Papa

John's

International,

Inc.

(d)

1,560

114,629

Penn

Entertainment,

Inc.

*(d)

5,238

118,117

Planet

Fitness,

Inc.,

Class A

*

3,386

229,435

PlayAGS,

Inc.

*

2,641

23,003

Portillo's,

Inc.,

Class A

*

2,889

39,695

Potbelly

Corp.

*

1,844

23,198

RCI

Hospitality

Holdings,

Inc.

405

25,013

Red

Robin

Gourmet

Burgers,

Inc.

*(d)

1,126

11,463

Red

Rock

Resorts,

Inc.,

Class A

(d)

2,033

111,164

Royal

Caribbean

Cruises

Ltd.

*

10,094

1,286,985

Rush

Street

Interactive,

Inc.

*

4,046

21,080

Sabre

Corp.

*(d)

16,425

67,342

SeaWorld

Entertainment,

Inc.

*(d)

1,668

82,399

Shake

Shack,

Inc.,

Class A

*(d)

1,750

132,230

Six

Flags

Entertainment

Corp.

*

3,389

85,437

Sonder

Holdings,

Inc.

*

43

111

Starbucks

Corp.

47,668

4,434,554

Super

Group

SGHC

Ltd.

*

9,047

28,317

Sweetgreen,

Inc.,

Class A

*

4,130

44,108

Target

Hospitality

Corp.

*(d)

1,779

17,203

Texas

Roadhouse,

Inc.,

Class A

3,220

404,818

Travel

+

Leisure

Co.

(d)

1,936

78,253

Vacasa,

Inc.,

Class A

*

1,425

12,925

Vail

Resorts,

Inc.

(d)

1,539

341,658

Wendy's

Co.

(The)

5,679

108,355

Wingstop,

Inc.

1,216

341,830

Wyndham

Hotels

&

Resorts,

Inc.

3,530

275,093

Wynn

Resorts

Ltd.

4,344

410,204

Xponential

Fitness,

Inc.,

Class A

*

297

3,285

44

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Yum!

Brands,

Inc.

12,109

1,567,994

44,870,329

Household

Durables

0.6%

Beazer

Homes

USA,

Inc.

*

958

30,417

Cavco

Industries,

Inc.

*(d)

314

104,223

Century

Communities,

Inc.

1,451

125,802

Cricut,

Inc.,

Class A

(d)

3,396

17,795

DR

Horton,

Inc.

12,713

1,816,815

Dream

Finders

Homes,

Inc.,

Class A

*

112

3,681

Ethan

Allen

Interiors,

Inc.

(d)

921

26,829

Garmin

Ltd.

5,510

658,390

GoPro,

Inc.,

Class A

*

4,993

14,879

Green

Brick

Partners,

Inc.

*

1,266

66,047

Hamilton

Beach

Brands

Holding

Co.,

Class A

722

13,314

Helen

of

Troy

Ltd.

*

1,116

127,782

Hooker

Furnishings

Corp.

729

16,825

Hovnanian

Enterprises,

Inc.,

Class A

*

24

4,055

Installed

Building

Products,

Inc.

(d)

1,067

207,905

iRobot

Corp.

*(d)

1,250

17,000

KB

Home

3,375

201,116

Landsea

Homes

Corp.

*

74

932

La-Z-Boy,

Inc.

2,220

77,278

Legacy

Housing

Corp.

*

337

7,963

Leggett

&

Platt,

Inc.

5,930

137,635

Lennar

Corp.,

Class A

10,948

1,634,997

LGI

Homes,

Inc.

*

951

112,228

Lifetime

Brands,

Inc.

55

442

Lovesac

Co.

(The)

*

304

7,041

M/I

Homes,

Inc.

*

1,363

173,673

MDC

Holdings,

Inc.

2,629

164,523

Meritage

Homes

Corp.

948

156,998

Mohawk

Industries,

Inc.

*

2,438

254,162

Newell

Brands,

Inc.

17,936

149,228

NVR,

Inc.

*

115

813,658

PulteGroup,

Inc.

8,582

897,334

Purple

Innovation,

Inc.,

Class A

(d)

2,118

2,160

SharkNinja,

Inc.

254

11,867

Skyline

Champion

Corp.

*

1,903

130,317

Snap

One

Holdings

Corp.

*(d)

86

679

Sonos,

Inc.

*

4,807

74,893

Sony

Group

Corp.

78,100

7,716,612

Taylor

Morrison

Home

Corp.,

Class A

*

4,672

243,598

Tempur

Sealy

International,

Inc.

7,643

381,309

Toll

Brothers,

Inc.

5,503

546,723

TopBuild

Corp.

*

1,349

497,956

Traeger,

Inc.

*

375

821

Tri

Pointe

Homes,

Inc.

*

4,417

152,519

Universal

Electronics,

Inc.

*

55

488

Vizio

Holding

Corp.,

Class A

*

1,307

9,149

VOXX

International

Corp.,

Class A

*(d)

979

8,175

Whirlpool

Corp.

(d)

2,228

244,011

Common

Stocks

Shares

Value

($)

Household

Durables

Worthington

Enterprises,

Inc.

1,430

81,567

18,143,811

Household

Products

0.8%

Central

Garden

&

Pet

Co.

*(d)

1,605

67,699

Church

&

Dwight

Co.,

Inc.

10,157

1,014,176

Clorox

Co.

(The)

5,161

749,635

Colgate-Palmolive

Co.

37,734

3,177,203

Energizer

Holdings,

Inc.

3,180

100,552

Kimberly-Clark

Corp.

13,436

1,625,353

Oil-Dri

Corp.

of

America

350

22,736

Procter

&

Gamble

Co.

(The)

101,923

16,016,180

Reynolds

Consumer

Products,

Inc.

1,634

44,396

Spectrum

Brands

Holdings,

Inc.

(d)

1,357

106,687

Unicharm

Corp.

112,300

3,877,182

WD-40

Co.

(d)

627

162,380

26,964,179

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

28,773

479,934

Altus

Power,

Inc.,

Class A

*

2,419

13,039

Brookfield

Renewable

Corp.,

Class A

6,146

171,596

Clearway

Energy,

Inc.,

Class A

4,719

112,014

Montauk

Renewables,

Inc.

*

880

6,081

NextEra

Energy

Partners

LP

479

14,298

Ormat

Technologies,

Inc.

(d)

2,453

158,660

Spruce

Power

Holding

Corp.

*

71

273

Sunnova

Energy

International,

Inc.

*(d)

5,404

56,850

Vistra

Corp.

15,279

626,897

1,639,642

Industrial

Conglomerates

0.6%

3M

Co.

23,468

2,214,206

General

Electric

Co.

46,121

6,107,343

Hitachi

Ltd.

68,600

5,388,570

Honeywell

International,

Inc.

28,414

5,747,016

19,457,135

Industrial

REITs

0.2%

Americold

Realty

Trust,

Inc.

11,267

309,842

EastGroup

Properties,

Inc.

1,932

342,795

First

Industrial

Realty

Trust,

Inc.

5,530

284,906

Industrial

Logistics

Properties

Trust

8,636

34,371

Innovative

Industrial

Properties,

Inc.

1,187

110,664

LXP

Industrial

Trust

13,439

122,161

Plymouth

Industrial

REIT,

Inc.

2,855

63,210

Prologis,

Inc.

38,963

4,936,222

Rexford

Industrial

Realty,

Inc.

8,953

470,838

STAG

Industrial,

Inc.

7,002

258,654

Terreno

Realty

Corp.

3,429

204,814

7,138,477

Insurance

1.6%

Aflac,

Inc.

27,187

2,292,952

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Insurance

Allstate

Corp.

(The)

11,167

1,733,677

Ambac

Financial

Group,

Inc.

*(d)

1,774

28,828

American

Coastal

Insurance

Corp.

*(d)

1,398

16,175

American

Equity

Investment

Life

Holding

Co.

*

2,887

159,391

American

Financial

Group,

Inc.

3,394

408,638

American

International

Group,

Inc.

33,492

2,328,029

AMERISAFE,

Inc.

1,764

87,918

Aon

plc,

Class A

8,887

2,652,147

Arch

Capital

Group

Ltd.

*

16,249

1,339,405

Arthur

J

Gallagher

&

Co.

9,758

2,265,417

Assurant,

Inc.

2,242

376,544

Assured

Guaranty

Ltd.

(d)

2,701

219,132

Axis

Capital

Holdings

Ltd.

2,941

175,048

Brighthouse

Financial,

Inc.

*

3,388

175,397

Brown

&

Brown,

Inc.

9,995

775,212

BRP

Group,

Inc.,

Class A

*

2,592

58,164

Caret

Holdings,

Inc.,

Class A

*(d)

1,298

10,514

Cheche

Group,

Inc.

*

222

1,254

Chubb

Ltd.

16,120

3,949,400

Cincinnati

Financial

Corp.

6,429

712,333

Citizens,

Inc.,

Class A

*

3,692

10,338

CNA

Financial

Corp.

841

37,063

CNO

Financial

Group,

Inc.

(d)

5,509

149,735

Crawford

&

Co.,

Class A

627

7,612

Donegal

Group,

Inc.,

Class A

435

6,529

eHealth,

Inc.

*

423

2,876

Employers

Holdings,

Inc.

130

5,424

Enstar

Group

Ltd.

*

570

152,127

Erie

Indemnity

Co.,

Class A

130

44,958

Everest

Group

Ltd.

1,723

663,303

F&G

Annuities

&

Life,

Inc.

839

37,621

Fidelity

National

Financial,

Inc.

11,674

584,050

First

American

Financial

Corp.

4,101

247,495

Genworth

Financial,

Inc.,

Class A

*

3,580

22,089

Global

Indemnity

Group

LLC,

Class A

35

1,026

Globe

Life,

Inc.

3,681

452,100

GoHealth,

Inc.,

Class A

*(d)

260

3,071

Goosehead

Insurance,

Inc.,

Class A

*

976

75,347

Greenlight

Capital

Re

Ltd.,

Class A

*

1,437

16,396

Hagerty,

Inc.,

Class A

*

385

3,099

Hamilton

Insurance

Group

Ltd.,

Class B

*

2,625

39,611

Hanover

Insurance

Group,

Inc.

(The)

1,645

217,156

Hartford

Financial

Services

Group,

Inc.

(The)

12,921

1,123,610

HCI

Group,

Inc.

(d)

270

24,211

Heritage

Insurance

Holdings,

Inc.

*

7,136

42,959

Hippo

Holdings,

Inc.

*(d)

64

592

Horace

Mann

Educators

Corp.

739

27,217

Common

Stocks

Shares

Value

($)

Insurance

Investors

Title

Co.

72

12,042

James

River

Group

Holdings

Ltd.

186

1,780

Kemper

Corp.

2,848

170,880

Kingsway

Financial

Services,

Inc.

*

706

6,192

Kinsale

Capital

Group,

Inc.

(d)

906

360,198

Lemonade,

Inc.

*(d)

2,368

37,462

Lincoln

National

Corp.

7,851

215,510

Loews

Corp.

6,330

461,204

Maiden

Holdings

Ltd.

*

6,019

10,593

Markel

Group,

Inc.

*

559

837,063

Marsh

&

McLennan

Cos.,

Inc.

21,295

4,127,823

MBIA,

Inc.

(d)

2,715

16,507

Mercury

General

Corp.

1,467

58,753

MetLife,

Inc.

28,310

1,962,449

National

Western

Life

Group,

Inc.,

Class A

98

47,432

NI

Holdings,

Inc.

*

302

4,035

Old

Republic

International

Corp.

11,587

324,899

Oscar

Health,

Inc.,

Class A

*

5,435

68,046

Palomar

Holdings,

Inc.

*

871

52,147

Primerica,

Inc.

(d)

1,552

363,416

Principal

Financial

Group,

Inc.

10,769

851,828

ProAssurance

Corp.

536

7,215

Progressive

Corp.

(The)

24,844

4,428,443

Prudential

Financial,

Inc.

16,427

1,723,685

Reinsurance

Group

of

America,

Inc.

2,845

494,717

RenaissanceRe

Holdings

Ltd.

2,106

481,916

RLI

Corp.

1,611

219,692

Ryan

Specialty

Holdings,

Inc.,

Class A

*

4,124

178,652

Safety

Insurance

Group,

Inc.

101

8,414

Selective

Insurance

Group,

Inc.

2,448

256,697

Selectquote,

Inc.

*

10,245

11,372

SiriusPoint

Ltd.

*

3,612

42,622

Skyward

Specialty

Insurance

Group,

Inc.

*

95

2,955

Stewart

Information

Services

Corp.

292

18,005

Tiptree,

Inc.,

Class A

943

17,851

Tokio

Marine

Holdings,

Inc.

199,200

5,276,869

Travelers

Cos.,

Inc.

(The)

9,638

2,037,088

Trupanion,

Inc.

*(d)

1,823

49,586

United

Fire

Group,

Inc.

850

19,049

Universal

Insurance

Holdings,

Inc.

915

15,207

Unum

Group

8,337

403,011

W

R

Berkley

Corp.

(d)

8,465

693,114

White

Mountains

Insurance

Group

Ltd.

93

146,565

Willis

Towers

Watson

plc

4,461

1,098,744

51,384,918

Interactive

Media

&

Services

3.3%

Alphabet,

Inc.,

Class A

*

469,041

66,073,707

Angi,

Inc.,

Class A

*

390

924

Bumble,

Inc.,

Class A

*

4,650

63,798

Cargurus,

Inc.,

Class A

*

4,411

102,512

46

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Cars.com,

Inc.

*

2,687

46,834

Eventbrite,

Inc.,

Class A

*

3,412

28,558

EverQuote,

Inc.,

Class A

*

577

7,288

fuboTV,

Inc.

*(d)

8,047

20,037

Getty

Images

Holdings,

Inc.

*(d)

14,123

60,447

Grindr,

Inc.

*(d)

2,719

23,601

IAC,

Inc.

*

3,548

178,145

Match

Group,

Inc.

*

11,749

450,927

MediaAlpha,

Inc.,

Class A

*

173

2,206

Meta

Platforms,

Inc.,

Class A

*

94,324

36,799,565

Nextdoor

Holdings,

Inc.

*

10,344

15,723

Outbrain,

Inc.

*

171

672

Pinterest,

Inc.,

Class A

*

25,120

941,246

QuinStreet,

Inc.

*

1,485

18,815

Rumble,

Inc.

*(d)

399

2,733

Shutterstock,

Inc.

(d)

1,198

56,270

Snap,

Inc.,

Class A

*(d)

5,332

84,726

System1,

Inc.

*(d)

1,726

3,107

Taboola.com

Ltd.

*(d)

699

3,299

TripAdvisor,

Inc.

*

5,049

109,058

TrueCar,

Inc.

*

3,712

13,141

Vimeo,

Inc.

*

8,049

31,955

Yelp,

Inc.,

Class A

*

3,191

139,542

Ziff

Davis,

Inc.

*

2,167

146,056

ZipRecruiter,

Inc.,

Class A

*

3,846

53,536

ZoomInfo

Technologies,

Inc.,

Class A

*

11,935

191,437

105,669,865

IT

Services

1.3%

Accenture

plc,

Class A

26,808

9,754,895

Akamai

Technologies,

Inc.

*

6,363

784,113

Amdocs

Ltd.

4,747

435,205

Applied

Digital

Corp.

*(d)

351

1,804

Backblaze,

Inc.,

Class A

*

1,563

12,817

BigBear.ai

Holdings,

Inc.

*(d)

238

386

BigCommerce

Holdings,

Inc. Series

1,*

2,813

23,010

Brightcove,

Inc.

*

1,547

3,543

Cloudflare,

Inc.,

Class A

*(d)

12,400

980,220

Cognizant

Technology

Solutions

Corp.,

Class A

21,466

1,655,458

Couchbase,

Inc.

*

1,342

33,550

DigitalOcean

Holdings,

Inc.

*(d)

2,814

94,888

DXC

Technology

Co.

*

8,799

191,818

Edgio,

Inc.

*(d)

662

172

EPAM

Systems,

Inc.

*

2,447

680,535

Fastly,

Inc.,

Class A

*

5,015

100,902

Gartner,

Inc.

*

3,291

1,505,435

Globant

SA

*

1,738

409,838

GoDaddy,

Inc.,

Class A

*

6,212

662,572

Grid

Dynamics

Holdings,

Inc.

*

673

8,783

Hackett

Group,

Inc.

(The)

969

22,403

Information

Services

Group,

Inc.

173

765

International

Business

Machines

Corp.

39,678

7,287,261

Kyndryl

Holdings,

Inc.

*(d)

9,547

195,904

MongoDB,

Inc.,

Class A

*

2,879

1,153,097

Common

Stocks

Shares

Value

($)

IT

Services

Nomura

Research

Institute

Ltd.

59,600

1,820,234

Obic

Co.

Ltd.

24,100

3,697,318

Okta,

Inc.,

Class A

*

6,519

538,795

Otsuka

Corp.

32,200

1,354,650

Perficient,

Inc.

*(d)

1,584

107,918

Rackspace

Technology,

Inc.

*(d)

2,323

3,903

SHIFT,

Inc.

*

19,800

3,558,815

Snowflake,

Inc.,

Class A

*

13,078

2,558,580

Squarespace,

Inc.,

Class A

*

1,431

44,361

Thoughtworks

Holding,

Inc.

*

4,823

22,572

Tucows,

Inc.,

Class A

*(d)

311

7,190

Twilio,

Inc.,

Class A

*

7,257

510,385

Unisys

Corp.

*

2,460

16,580

VeriSign,

Inc.

*

3,713

738,441

40,979,116

Leisure

Products

0.0%

†

Acushnet

Holdings

Corp.

(d)

1,207

76,451

AMMO,

Inc.

*(d)

688

1,493

Brunswick

Corp.

2,774

223,806

Clarus

Corp.

744

4,404

Escalade,

Inc.

(d)

706

11,338

Funko,

Inc.,

Class A

*

1,009

7,134

Hasbro,

Inc.

5,260

257,477

JAKKS

Pacific,

Inc.

*

516

16,182

Johnson

Outdoors,

Inc.,

Class A

224

10,026

Latham

Group,

Inc.

*

183

463

Malibu

Boats,

Inc.,

Class A

*(d)

952

39,746

Marine

Products

Corp.

271

2,767

MasterCraft

Boat

Holdings,

Inc.

*

755

14,624

Mattel,

Inc.

*

14,549

260,282

Peloton

Interactive,

Inc.,

Class A

*

13,994

77,807

Polaris,

Inc.

2,088

187,837

Smith

&

Wesson

Brands,

Inc.

2,517

32,872

Solo

Brands,

Inc.,

Class A

*(d)

130

363

Sturm

Ruger

&

Co.,

Inc.

291

12,705

Topgolf

Callaway

Brands

Corp.

*(d)

6,332

83,392

Vista

Outdoor,

Inc.

*(d)

1,915

53,754

YETI

Holdings,

Inc.

*(d)

4,049

178,035

1,552,958

Life

Sciences

Tools

&

Services

0.9%

10X

Genomics,

Inc.,

Class A

*

4,288

178,681

Adaptive

Biotechnologies

Corp.

*

7,384

27,099

Agilent

Technologies,

Inc.

12,501

1,626,380

Akoya

Biosciences,

Inc.

*

110

559

Avantor,

Inc.

*

29,380

675,446

Azenta,

Inc.

*

2,536

165,347

BioLife

Solutions,

Inc.

*(d)

1,253

21,301

Bio-Rad

Laboratories,

Inc.,

Class A

*

858

275,324

Bio-Techne

Corp.

6,575

462,354

Bruker

Corp.

4,337

310,139

Charles

River

Laboratories

International,

Inc.

*

2,152

465,435

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Codexis,

Inc.

*

3,958

10,410

Conduit

Pharmaceuticals,

Inc.

*(d)

3,322

8,704

CryoPort,

Inc.

*

2,291

33,242

Cytek

Biosciences,

Inc.

*

5,171

39,041

Danaher

Corp.

27,898

6,693,009

Fortrea

Holdings,

Inc.

*

4,066

125,883

Harvard

Bioscience,

Inc.

*

2,593

11,409

ICON

plc

*

3,506

914,610

Illumina,

Inc.

*

6,662

952,733

IQVIA

Holdings,

Inc.

*

7,847

1,633,981

Lifecore

Biomedical,

Inc.

*(d)

1,296

8,463

Maravai

LifeSciences

Holdings,

Inc.,

Class A

*

5,437

31,535

MaxCyte,

Inc.

*

467

2,377

Medpace

Holdings,

Inc.

*

957

279,042

Mesa

Laboratories,

Inc.

113

10,353

Mettler-Toledo

International,

Inc.

*

888

1,063,105

NanoString

Technologies,

Inc.

*(d)

1,454

598

Nautilus

Biotechnology,

Inc.,

Class A

*

273

759

OmniAb,

Inc.

*(d)

4,210

24,418

OmniAb,

Inc.

*^∞(d)

652

0

Pacific

Biosciences

of

California,

Inc.

*(d)

11,534

75,086

Personalis,

Inc.

*

187

251

QIAGEN

NV

*

8,077

352,650

Quanterix

Corp.

*

764

16,877

Quantum-Si,

Inc.

*(d)

493

769

Repligen

Corp.

*(d)

2,320

439,408

Revvity,

Inc.

(d)

5,050

541,259

Seer,

Inc.,

Class A

*

2,964

5,098

Sotera

Health

Co.

*

2,430

35,770

Standard

BioTools,

Inc.

*

19,501

44,267

Thermo

Fisher

Scientific,

Inc.

16,339

8,806,394

Waters

Corp.

*

2,428

771,400

West

Pharmaceutical

Services,

Inc.

3,144

1,172,806

28,313,772

Machinery

1.4%

374Water,

Inc.

*(d)

4,233

5,080

3D

Systems

Corp.

*

6,564

31,442

AGCO

Corp.

2,034

248,819

Alamo

Group,

Inc.

485

102,956

Albany

International

Corp.,

Class A

1,432

127,319

Allison

Transmission

Holdings,

Inc.

3,315

200,690

Astec

Industries,

Inc.

1,160

41,296

Barnes

Group,

Inc.

2,482

82,179

Blue

Bird

Corp.

*

687

20,012

Caterpillar,

Inc.

21,622

6,493,303

Chart

Industries,

Inc.

*

1,662

193,989

CNH

Industrial

NV

37,965

455,580

Columbus

McKinnon

Corp.

1,415

55,284

Commercial

Vehicle

Group,

Inc.

*

2,280

14,797

Crane

Co.

(d)

2,156

267,581

Cummins,

Inc.

5,972

1,429,100

Common

Stocks

Shares

Value

($)

Machinery

Daifuku

Co.

Ltd.

179,100

3,539,821

Deere

&

Co.

11,435

4,500,587

Desktop

Metal,

Inc.,

Class A

*(d)

12,105

7,853

Donaldson

Co.,

Inc.

4,893

316,039

Douglas

Dynamics,

Inc.

1,141

28,696

Dover

Corp.

5,886

881,605

Energy

Recovery,

Inc.

*(d)

2,742

42,528

Enerpac

Tool

Group

Corp.,

Class A

2,805

87,600

Enpro,

Inc.

973

145,347

Esab

Corp.

2,535

217,985

ESCO

Technologies,

Inc.

1,221

124,383

Federal

Signal

Corp.

2,636

202,919

Flowserve

Corp.

6,059

241,936

Fortive

Corp.

15,247

1,192,010

Franklin

Electric

Co.,

Inc.

(d)

2,059

194,081

Gates

Industrial

Corp.

plc

*

3,287

42,337

Gencor

Industries,

Inc.

*

699

10,904

Gorman-Rupp

Co.

(The)

715

23,874

Graco,

Inc.

6,831

582,684

Graham

Corp.

*

1,638

31,875

Greenbrier

Cos.,

Inc.

(The)

1,276

58,007

Helios

Technologies,

Inc.

(d)

1,520

62,715

Hillenbrand,

Inc.

3,003

139,850

Hillman

Solutions

Corp.

*

8,159

71,718

Hyliion

Holdings

Corp.

*(d)

3,604

3,784

Hyster-Yale

Materials

Handling,

Inc.

375

24,645

Hyzon

Motors,

Inc.

*

438

337

IDEX

Corp.

3,124

660,726

Illinois

Tool

Works,

Inc.

12,634

3,296,211

Ingersoll

Rand,

Inc.

14,767

1,179,293

ITT,

Inc.

(d)

3,179

383,960

John

Bean

Technologies

Corp.

(d)

1,401

138,363

Kadant,

Inc.

537

153,582

Kennametal,

Inc.

(d)

3,986

97,737

L

B

Foster

Co.,

Class A

*

1,506

34,623

Lincoln

Electric

Holdings,

Inc.

2,391

531,328

Lindsay

Corp.

(d)

531

69,088

Luxfer

Holdings

plc

987

8,123

Manitex

International,

Inc.

*

1,691

12,649

Manitowoc

Co.,

Inc.

(The)

*

1,365

21,977

Markforged

Holding

Corp.

*(d)

487

330

Mayville

Engineering

Co.,

Inc.

*

800

10,152

Microvast

Holdings,

Inc.

*(d)

2,924

2,743

Middleby

Corp.

(The)

*(d)

2,392

337,439

Miller

Industries,

Inc.

446

17,951

Mueller

Industries,

Inc.

4,206

201,888

Mueller

Water

Products,

Inc.,

Class A

(d)

7,345

100,700

Nikola

Corp.

*(d)

16,158

12,075

NN,

Inc.

*(d)

1,677

7,731

Nordson

Corp.

2,208

555,798

Omega

Flex,

Inc.

98

6,836

Oshkosh

Corp.

2,693

296,499

Otis

Worldwide

Corp.

16,504

1,459,614

PACCAR,

Inc.

21,655

2,173,945

Parker-Hannifin

Corp.

5,570

2,587,265

Park-Ohio

Holdings

Corp.

600

14,844

48

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Machinery

Pentair

plc

6,612

483,800

Proto

Labs,

Inc.

*

815

29,413

RBC

Bearings,

Inc.

*(d)

1,279

343,463

REV

Group,

Inc.

1,055

20,594

Shyft

Group,

Inc.

(The)

1,361

14,740

SMC

Corp.

1,400

779,102

Snap-on,

Inc.

2,127

616,681

SPX

Technologies,

Inc.

*

1,998

201,079

Standex

International

Corp.

609

89,925

Stanley

Black

&

Decker,

Inc.

6,714

626,416

Stratasys

Ltd.

*(d)

306

4,045

Symbotic,

Inc.,

Class A

*(d)

131

5,637

Tennant

Co.

905

85,541

Terex

Corp.

(d)

3,036

186,501

Timken

Co.

(The)

(d)

2,160

176,926

Titan

International,

Inc.

*

951

14,037

Toro

Co.

(The)

4,376

404,692

Trinity

Industries,

Inc.

(d)

3,773

94,853

Twin

Disc,

Inc.

974

14,892

Velo3D,

Inc.

*(d)

465

146

Wabash

National

Corp.

(d)

1,137

28,766

Watts

Water

Technologies,

Inc.,

Class A

(d)

1,089

215,633

Westinghouse

Air

Brake

Technologies

Corp.

7,584

997,827

Xylem,

Inc.

10,209

1,147,900

43,501,626

Marine

Transportation

0.0%

†

Costamare,

Inc.

1,599

17,125

Diana

Shipping,

Inc.

430

1,294

Eagle

Bulk

Shipping,

Inc.

(d)

628

34,622

Genco

Shipping

&

Trading

Ltd.

2,134

37,430

Global

Ship

Lease,

Inc.,

Class A

167

3,577

Golden

Ocean

Group

Ltd.

4,319

45,652

Himalaya

Shipping

Ltd.

*

1,815

11,816

Kirby

Corp.

*

2,731

214,820

Matson,

Inc.

1,302

145,863

Pangaea

Logistics

Solutions

Ltd.

2,537

23,645

Safe

Bulkers,

Inc.

1,907

7,704

Star

Bulk

Carriers

Corp.

(d)

348

7,566

551,114

Media

0.5%

Advantage

Solutions,

Inc.

*

3,416

13,767

Altice

USA,

Inc.,

Class A

*

1,798

4,387

AMC

Networks,

Inc.,

Class A

*(d)

1,990

35,999

Boston

Omaha

Corp.,

Class A

*

469

7,265

Cable

One,

Inc.

246

135,037

Cardlytics,

Inc.

*

1,849

14,126

Charter

Communications,

Inc.,

Class A

*(d)

4,265

1,581,078

Clear

Channel

Outdoor

Holdings,

Inc.

*(d)

14,374

24,723

Comcast

Corp.,

Class A

169,166

7,872,986

Daily

Journal

Corp.

*(d)

50

16,066

Emerald

Holding,

Inc.

*

71

436

Common

Stocks

Shares

Value

($)

Media

Entravision

Communications

Corp.,

Class A

2,388

9,624

EW

Scripps

Co.

(The),

Class A

*

2,224

17,725

Fox

Corp.,

Class A

15,725

495,952

Gambling.com

Group

Ltd.

*

76

695

Gannett

Co.,

Inc.

*

5,328

13,160

Gray

Television,

Inc.

1,640

15,662

iHeartMedia,

Inc.,

Class A

*

3,402

9,219

Innovid

Corp.

*

12,682

19,277

Integral

Ad

Science

Holding

Corp.

*

1,864

27,121

Interpublic

Group

of

Cos.,

Inc.

(The)

(d)

16,805

554,397

John

Wiley

&

Sons,

Inc.,

Class A

1,832

61,995

Liberty

Broadband

Corp.,

Class A

*(d)

5,733

449,307

Liberty

Media

Corp-Liberty

SiriusXM

*

10,101

306,751

Magnite,

Inc.

*

3,155

27,922

National

CineMedia,

Inc.

*

10,850

44,377

New

York

Times

Co.

(The),

Class A

7,599

369,007

News

Corp.,

Class A

20,974

521,266

Nexstar

Media

Group,

Inc.,

Class A

(d)

1,534

272,607

Omnicom

Group,

Inc.

8,696

785,944

Paramount

Global,

Class A

(d)

24,107

354,247

PubMatic,

Inc.,

Class A

*

945

14,345

Saga

Communications,

Inc.,

Class A

531

12,542

Scholastic

Corp.

748

28,753

Sinclair,

Inc.

(d)

545

8,557

Sirius

XM

Holdings,

Inc.

(d)

22,787

115,986

Stagwell,

Inc.,

Class A

*

2,916

19,012

TechTarget,

Inc.

*

452

15,445

TEGNA,

Inc.

7,528

117,362

Thryv

Holdings,

Inc.

*

507

10,363

Townsquare

Media,

Inc.,

Class A

774

8,313

Trade

Desk,

Inc.

(The),

Class A

*

24,291

1,662,233

Urban

One,

Inc.,

Class A

*

39

143

WideOpenWest,

Inc.

*

1,766

6,552

16,081,731

Metals

&

Mining

0.4%

5E

Advanced

Materials,

Inc.

*(d)

772

1,096

Alcoa

Corp.

8,274

246,152

Alpha

Metallurgical

Resources,

Inc.

479

191,236

American

Battery

Technology

Co.

*

8,192

22,118

Arch

Resources,

Inc.

728

128,827

ATI,

Inc.

*

5,141

210,113

Atlas

Lithium

Corp.

*

29

657

Caledonia

Mining

Corp.

plc

(d)

1,088

11,652

Carpenter

Technology

Corp.

1,826

112,463

Century

Aluminum

Co.

*

2,136

23,816

Cleveland-Cliffs,

Inc.

*

20,971

420,469

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Coeur

Mining,

Inc.

*

16,692

44,902

Commercial

Metals

Co.

6,476

338,177

Compass

Minerals

International,

Inc.

(d)

1,281

28,810

Constellium

SE,

Class A

*

4,376

82,050

Contango

ORE,

Inc.

*

247

4,068

Dakota

Gold

Corp.

*(d)

300

630

Freeport-McMoRan,

Inc.

60,238

2,390,846

Gatos

Silver,

Inc.

*

6,298

38,544

Haynes

International,

Inc.

505

28,113

Hecla

Mining

Co.

28,173

107,339

i-80

Gold

Corp.

*

12,807

20,491

Ivanhoe

Electric,

Inc.

*

1,320

11,035

Kaiser

Aluminum

Corp.

618

40,108

Lifezone

Metals

Ltd.

*

3,382

20,326

Materion

Corp.

(d)

670

78,370

MP

Materials

Corp.

*(d)

4,921

77,801

Newmont

Corp.

48,052

1,658,275

Novagold

Resources,

Inc.

*

11,238

28,769

Nucor

Corp.

10,814

2,021,461

Olympic

Steel,

Inc.

330

22,301

Perpetua

Resources

Corp.

*

2,822

8,071

Piedmont

Lithium,

Inc.

*(d)

902

13,783

Ramaco

Resources,

Inc.,

Class A

121

2,284

Reliance

Steel

&

Aluminum

Co.

2,465

703,560

Royal

Gold,

Inc.

(d)

2,765

316,288

Ryerson

Holding

Corp.

1,272

43,655

Schnitzer

Steel

Industries,

Inc.,

Class A

1,343

35,361

Southern

Copper

Corp.

(d)

3,616

296,874

SSR

Mining,

Inc.

5,496

51,827

Steel

Dynamics,

Inc.

6,621

799,089

SunCoke

Energy,

Inc.

3,276

33,579

TimkenSteel

Corp.

*

2,336

48,005

Tredegar

Corp.

1,033

4,886

United

States

Steel

Corp.

9,090

427,412

Universal

Stainless

&

Alloy

Products,

Inc.

*

1,552

29,426

Warrior

Met

Coal,

Inc.

1,898

121,795

Worthington

Steel,

Inc.

*

165

4,942

11,351,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

AFC

Gamma,

Inc.

80

933

AG

Mortgage

Investment

Trust,

Inc.

4,326

26,951

AGNC

Investment

Corp.

27,739

262,966

Angel

Oak

Mortgage

REIT,

Inc.

94

1,003

Annaly

Capital

Management,

Inc.

19,453

373,303

Apollo

Commercial

Real

Estate

Finance,

Inc.

5,674

63,322

Arbor

Realty

Trust,

Inc.

882

11,731

Ares

Commercial

Real

Estate

Corp.

2,324

22,101

ARMOUR

Residential

REIT,

Inc.

2,191

41,739

Blackstone

Mortgage

Trust,

Inc.,

Class A

6,940

136,996

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

BrightSpire

Capital,

Inc.,

Class A

4,810

34,391

Chicago

Atlantic

Real

Estate

Finance,

Inc.

58

920

Chimera

Investment

Corp.

13,375

64,200

Claros

Mortgage

Trust,

Inc.

(d)

5,673

66,601

Dynex

Capital,

Inc.

1,769

21,653

Ellington

Financial,

Inc.

1,411

17,228

Franklin

BSP

Realty

Trust,

Inc.

3,786

48,536

Granite

Point

Mortgage

Trust,

Inc.

258

1,447

Great

Ajax

Corp.

132

777

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,700

111,813

Invesco

Mortgage

Capital,

Inc.

2,850

25,108

KKR

Real

Estate

Finance

Trust,

Inc.

1,035

12,668

Ladder

Capital

Corp.,

Class A

6,046

66,083

MFA

Financial,

Inc.

6,200

68,634

New

York

Mortgage

Trust,

Inc.

5,007

39,255

Nexpoint

Real

Estate

Finance,

Inc.

83

1,209

Orchid

Island

Capital,

Inc.

1,995

15,920

PennyMac

Mortgage

Investment

Trust

3,706

53,144

Ready

Capital

Corp.

7,964

74,623

Redwood

Trust,

Inc.

4,897

32,859

Rithm

Capital

Corp.

19,158

204,991

Sachem

Capital

Corp.

6,490

23,299

Seven

Hills

Realty

Trust

1,190

15,506

Starwood

Property

Trust,

Inc.

12,135

246,705

TPG

RE

Finance

Trust,

Inc.

2,304

14,031

Two

Harbors

Investment

Corp.

5,506

68,605

2,271,251

Multi-Utilities

0.3%

Ameren

Corp.

10,881

756,991

Avista

Corp.

880

29,929

Black

Hills

Corp.

2,794

144,618

CenterPoint

Energy,

Inc.

26,932

752,480

CMS

Energy

Corp.

(d)

12,245

699,924

Consolidated

Edison,

Inc.

15,390

1,398,951

Dominion

Energy,

Inc.

35,039

1,601,983

DTE

Energy

Co.

8,803

928,012

NiSource,

Inc.

17,504

454,579

Northwestern

Energy

Group,

Inc.

2,631

126,604

Public

Service

Enterprise

Group,

Inc.

21,167

1,227,474

Sempra

27,171

1,944,357

Unitil

Corp.

893

42,435

WEC

Energy

Group,

Inc.

(d)

13,825

1,116,507

11,224,844

Office

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

7,265

878,338

Boston

Properties,

Inc.

6,611

439,631

Brandywine

Realty

Trust

10,579

50,144

City

Office

REIT,

Inc.

1,688

8,862

COPT

Defense

Properties

5,219

122,960

50

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Office

REITs

Cousins

Properties,

Inc.

6,986

160,049

Douglas

Emmett,

Inc.

11,960

162,058

Easterly

Government

Properties,

Inc.,

Class A

3,415

41,936

Equity

Commonwealth

3,840

73,382

Franklin

Street

Properties

Corp.

19,728

48,531

Highwoods

Properties,

Inc.

4,968

114,115

Hudson

Pacific

Properties,

Inc.

5,952

48,747

JBG

SMITH

Properties

2,743

43,888

Kilroy

Realty

Corp.

4,527

161,886

NET

Lease

Office

Properties

579

14,348

Office

Properties

Income

Trust

1,709

6,272

Orion

Office

REIT,

Inc.

1,662

8,543

Paramount

Group,

Inc.

6,214

29,516

Peakstone

Realty

Trust

2,029

29,380

Piedmont

Office

Realty

Trust,

Inc.,

Class A

7,392

50,266

Postal

Realty

Trust,

Inc.,

Class A

105

1,480

SL

Green

Realty

Corp.

3,688

165,776

Vornado

Realty

Trust

7,061

191,989

2,852,097

Oil,

Gas

&

Consumable

Fuels

2.1%

Aemetis,

Inc.

*(d)

9,437

34,351

Amplify

Energy

Corp.

*(d)

194

1,187

Antero

Midstream

Corp.

(d)

14,541

177,982

Antero

Resources

Corp.

*(d)

11,595

259,032

APA

Corp.

13,359

418,538

Ardmore

Shipping

Corp.

385

6,379

Berry

Corp.

2,657

17,828

California

Resources

Corp.

3,299

157,296

Callon

Petroleum

Co.

*

2,710

87,045

Centrus

Energy

Corp.,

Class A

*

64

3,214

Cheniere

Energy,

Inc.

13,056

2,141,053

Chesapeake

Energy

Corp.

(d)

3,566

274,974

Chevron

Corp.

(d)

66,645

9,825,472

Chord

Energy

Corp.

1,686

259,239

Civitas

Resources,

Inc.

3,176

205,837

Clean

Energy

Fuels

Corp.

*

10,893

32,134

CNX

Resources

Corp.

*(d)

7,413

149,743

Comstock

Resources,

Inc.

(d)

4,119

32,169

ConocoPhillips

51,205

5,728,303

CONSOL

Energy,

Inc.

1,233

116,642

Coterra

Energy,

Inc.

32,296

803,525

Crescent

Energy

Co.,

Class A

(d)

870

9,614

CVR

Energy,

Inc.

687

23,173

Delek

US

Holdings,

Inc.

3,229

87,280

Devon

Energy

Corp.

27,174

1,141,852

DHT

Holdings,

Inc.

3,883

43,179

Diamondback

Energy,

Inc.

7,663

1,178,110

Dorian

LPG

Ltd.

1,480

55,411

DT

Midstream,

Inc.

4,342

233,122

Empire

Petroleum

Corp.

*

53

354

Encore

Energy

Corp.

*(d)

794

3,660

Energy

Fuels,

Inc.

*(d)

8,152

61,548

Enviva,

Inc.

1,256

550

EOG

Resources,

Inc.

25,810

2,936,920

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

EQT

Corp.

16,040

567,816

Equitrans

Midstream

Corp.

16,544

168,583

Evolution

Petroleum

Corp.

2,243

12,583

Excelerate

Energy,

Inc.,

Class A

614

9,407

Exxon

Mobil

Corp.

152,513

15,679,862

FLEX

LNG

Ltd.

911

27,303

Frontline

plc

(d)

740

16,791

FutureFuel

Corp.

1,069

6,093

Gevo,

Inc.

*(d)

15,742

14,700

Golar

LNG

Ltd.

4,785

104,361

Granite

Ridge

Resources,

Inc.

(d)

2,014

11,037

Green

Plains,

Inc.

*(d)

501

10,386

Gulfport

Energy

Corp.

*

413

52,410

Hallador

Energy

Co.

*

1,628

13,887

Hess

Corp.

11,853

1,665,702

Hess

Midstream

LP,

Class A

345

11,664

HF

Sinclair

Corp.

6,288

355,209

HighPeak

Energy,

Inc.

(d)

122

1,665

International

Seaways,

Inc.

(d)

1,502

80,567

Kinder

Morgan,

Inc.

82,822

1,401,348

Kinetik

Holdings,

Inc.,

Class A

(d)

452

14,699

KNOT

Offshore

Partners

LP

120

708

Kosmos

Energy

Ltd.

*

20,954

126,981

Magnolia

Oil

&

Gas

Corp.,

Class A

(d)

8,041

165,805

Marathon

Oil

Corp.

27,407

626,250

Marathon

Petroleum

Corp.

16,127

2,670,631

Matador

Resources

Co.

(d)

5,134

281,805

Murphy

Oil

Corp.

6,882

266,333

Navigator

Holdings

Ltd.

(d)

159

2,560

New

Fortress

Energy,

Inc.

(d)

2,937

97,597

NextDecade

Corp.

*

667

3,395

Nordic

American

Tankers

Ltd.

(d)

6,330

28,169

Northern

Oil

and

Gas,

Inc.

3,671

122,979

Occidental

Petroleum

Corp.

(d)

29,800

1,715,586

ONEOK,

Inc.

21,892

1,494,129

Overseas

Shipholding

Group,

Inc.,

Class A

4,086

24,925

Ovintiv,

Inc.

10,521

446,301

Par

Pacific

Holdings,

Inc.

*

3,125

114,344

PBF

Energy,

Inc.,

Class A

4,455

225,022

Peabody

Energy

Corp.

4,636

123,781

Permian

Resources

Corp.,

Class A

13,696

184,622

Phillips

66

18,947

2,734,242

Pioneer

Natural

Resources

Co.

10,007

2,299,909

Range

Resources

Corp.

(d)

9,784

284,127

REX

American

Resources

Corp.

*

282

11,672

Riley

Exploration

Permian,

Inc.

28

622

Ring

Energy,

Inc.

*(d)

643

894

SandRidge

Energy,

Inc.

(d)

185

2,701

Scorpio

Tankers,

Inc.

(d)

1,880

132,916

SFL

Corp.

Ltd.

4,790

58,294

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SilverBow

Resources,

Inc.

*

506

13,439

Sitio

Royalties

Corp.,

Class A

(d)

3,520

75,082

SM

Energy

Co.

5,544

205,572

Southwestern

Energy

Co.

*

44,832

289,166

Talos

Energy,

Inc.

*

4,581

59,416

Targa

Resources

Corp.

(d)

7,470

634,651

TC

Energy

Corp.

1,812

71,447

Teekay

Corp.

*

302

2,715

Teekay

Tankers

Ltd.,

Class A

384

24,019

Tellurian,

Inc.

*(d)

30,368

15,214

Texas

Pacific

Land

Corp.

(d)

259

378,485

Tsakos

Energy

Navigation

Ltd.

110

2,703

Uranium

Energy

Corp.

*(d)

18,441

140,889

VAALCO

Energy,

Inc.

535

2,279

Valero

Energy

Corp.

(d)

14,488

2,012,383

Vertex

Energy,

Inc.

*(d)

4,879

7,123

Viper

Energy,

Inc.

320

9,990

Vital

Energy,

Inc.

*(d)

846

37,080

Vitesse

Energy,

Inc.

(d)

1,528

32,103

W&T

Offshore,

Inc.

(d)

3,924

11,929

Williams

Cos.,

Inc.

(The)

52,442

1,817,640

World

Kinect

Corp.

3,176

71,682

66,895,096

Paper

&

Forest

Products

0.0%

†

Clearwater

Paper

Corp.

*

649

21,398

Glatfelter

Corp.

*(d)

1,710

2,479

Louisiana-Pacific

Corp.

2,517

167,506

Sylvamo

Corp.

342

15,879

207,262

Passenger

Airlines

0.1%

Alaska

Air

Group,

Inc.

*(d)

5,868

210,250

Allegiant

Travel

Co.

724

56,762

American

Airlines

Group,

Inc.

*(d)

30,285

430,956

Blade

Air

Mobility,

Inc.

*

224

668

Copa

Holdings

SA,

Class A

163

15,658

Delta

Air

Lines,

Inc.

25,621

1,002,806

Frontier

Group

Holdings,

Inc.

*(d)

2,096

10,208

Hawaiian

Holdings,

Inc.

*

1,850

26,362

JetBlue

Airways

Corp.

*

15,568

82,666

Joby

Aviation,

Inc.

*(d)

9,692

52,918

SkyWest,

Inc.

*

1,785

95,069

Southwest

Airlines

Co.

24,736

739,359

Spirit

Airlines,

Inc.

5,135

32,299

Sun

Country

Airlines

Holdings,

Inc.

*

246

3,348

United

Airlines

Holdings,

Inc.

*

12,976

536,947

Wheels

Up

Experience,

Inc.

*(d)

7,279

24,093

Wheels

Up

Experience,

Inc.

*(d)

403

1,334

3,321,703

Personal

Care

Products

0.1%

Beauty

Health

Co.

(The)

*(d)

4,876

14,287

BellRing

Brands,

Inc.

*

5,210

287,957

Coty,

Inc.,

Class A

*

16,805

203,004

Edgewell

Personal

Care

Co.

2,353

87,179

Common

Stocks

Shares

Value

($)

Personal

Care

Products

elf

Beauty,

Inc.

*

2,312

368,833

Estee

Lauder

Cos.,

Inc.

(The),

Class A

9,774

1,290,070

Herbalife

Ltd.

*(d)

4,617

55,635

Honest

Co.,

Inc.

(The)

*

11,396

32,479

Inter

Parfums,

Inc.

820

114,103

Kenvue,

Inc.

74,609

1,548,883

Medifast,

Inc.

(d)

623

34,047

Nature's

Sunshine

Products,

Inc.

*

412

7,173

Nu

Skin

Enterprises,

Inc.,

Class A

(d)

2,427

45,045

Olaplex

Holdings,

Inc.

*

7,501

16,877

USANA

Health

Sciences,

Inc.

*

676

31,650

Veru,

Inc.

*

323

157

Waldencast

plc,

Class A

*

1,540

10,857

4,148,236

Pharmaceuticals

2.4%

Aclaris

Therapeutics,

Inc.

*(d)

4,064

4,714

Alimera

Sciences,

Inc.

*

4,466

16,301

Amneal

Pharmaceuticals,

Inc.

*(d)

3,664

19,602

Amphastar

Pharmaceuticals,

Inc.

*(d)

1,736

92,633

Amylyx

Pharmaceuticals,

Inc.

*

1,546

24,736

AN2

Therapeutics,

Inc.

*(d)

2,712

52,342

AN2

Therapeutics,

Inc.

*(d)

107

2,065

ANI

Pharmaceuticals,

Inc.

*

422

23,556

Arvinas,

Inc.

*(d)

2,015

83,622

Assertio

Holdings,

Inc.

*(d)

4,091

3,611

ATAI

Life

Sciences

NV

*

572

1,018

Atea

Pharmaceuticals,

Inc.

*

2,155

8,965

Athira

Pharma,

Inc.

*

171

542

Axsome

Therapeutics,

Inc.

*(d)

1,493

134,415

Biote

Corp.,

Class A

*(d)

928

3,517

Bristol-Myers

Squibb

Co.

86,002

4,202,918

Cara

Therapeutics,

Inc.

*

1,520

860

Cassava

Sciences,

Inc.

*(d)

2,147

51,421

Catalent,

Inc.

*

7,392

381,723

Citius

Pharmaceuticals,

Inc.

*

8,147

5,059

Collegium

Pharmaceutical,

Inc.

*

1,331

43,870

Corcept

Therapeutics,

Inc.

*(d)

3,543

74,757

CorMedix,

Inc.

*(d)

2,958

8,726

Cymabay

Therapeutics,

Inc.

*(d)

3,803

89,408

Daiichi

Sankyo

Co.

Ltd.

58,800

1,773,030

Edgewise

Therapeutics,

Inc.

*

179

3,192

Elanco

Animal

Health,

Inc.

*

20,033

295,286

Eli

Lilly

&

Co.

35,892

23,172,234

Enliven

Therapeutics,

Inc.

*

1,649

25,889

Esperion

Therapeutics,

Inc.

*(d)

22,450

48,043

Evolus,

Inc.

*

969

12,297

EyePoint

Pharmaceuticals,

Inc.

*

144

3,878

Fulcrum

Therapeutics,

Inc.

*

6,727

48,569

Harmony

Biosciences

Holdings,

Inc.

*

676

21,321

Harrow,

Inc.

*(d)

1,888

17,993

Ikena

Oncology,

Inc.

*

1,558

2,088

52

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Innoviva,

Inc.

*(d)

1,335

21,627

Intra-Cellular

Therapies,

Inc.

*

4,287

288,687

Jazz

Pharmaceuticals

plc

*

2,392

293,546

Johnson

&

Johnson

103,413

16,432,326

Kyowa

Kirin

Co.

Ltd.

128,800

2,029,396

Ligand

Pharmaceuticals,

Inc.

*(d)

847

61,916

Liquidia

Corp.

*(d)

1,104

14,109

Longboard

Pharmaceuticals,

Inc.

*(d)

1,033

21,941

Lyra

Therapeutics,

Inc.

*

4,961

22,573

Marinus

Pharmaceuticals,

Inc.

*(d)

3,567

34,743

Merck

&

Co.,

Inc.

107,858

13,027,089

Mind

Medicine

MindMed,

Inc.

*

184

710

Nektar

Therapeutics,

Class A

*(d)

915

496

Neumora

Therapeutics,

Inc.

*(d)

1,939

28,891

NGM

Biopharmaceuticals,

Inc.

*

1,054

1,613

Nuvation

Bio,

Inc.

*

9,898

16,035

Ocular

Therapeutix,

Inc.

*

2,342

11,382

Omeros

Corp.

*(d)

4,341

14,065

Optinose,

Inc.

*(d)

4,834

6,091

Organon

&

Co.

11,564

192,541

Pacira

BioSciences,

Inc.

*

2,041

66,516

Perrigo

Co.

plc

6,127

196,554

Pfizer,

Inc.

247,893

6,712,942

Phathom

Pharmaceuticals,

Inc.

*(d)

499

3,343

Phibro

Animal

Health

Corp.,

Class A

809

8,745

Pliant

Therapeutics,

Inc.

*

1,929

34,568

Prestige

Consumer

Healthcare,

Inc.

*

2,204

135,634

Rani

Therapeutics

Holdings,

Inc.,

Class A

*(d)

3,944

13,646

Regencell

Bioscience

Holdings

Ltd.

*

5

40

Relmada

Therapeutics,

Inc.

*(d)

123

483

Revance

Therapeutics,

Inc.

*

3,766

18,943

Royalty

Pharma

plc,

Class A

(d)

14,771

419,349

Scilex

Holding

Co.

*(d)

28,508

46,753

scPharmaceuticals,

Inc.

*(d)

2,032

9,957

SIGA

Technologies,

Inc.

(d)

2,173

10,604

Supernus

Pharmaceuticals,

Inc.

*(d)

2,187

60,536

Taro

Pharmaceutical

Industries

Ltd.

*

542

23,333

Tarsus

Pharmaceuticals,

Inc.

*(d)

157

4,277

Terns

Pharmaceuticals,

Inc.

*(d)

3,042

15,758

Theravance

Biopharma,

Inc.

*(d)

2,849

27,008

Theseus

Pharmaceuticals,

Inc.

*

59

239

Third

Harmonic

Bio,

Inc.

*(d)

74

642

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Trevi

Therapeutics,

Inc.

*

2,760

3,919

Ventyx

Biosciences,

Inc.

*

1,953

4,121

Verrica

Pharmaceuticals,

Inc.

*(d)

1,510

8,531

Viatris,

Inc.

51,180

602,389

WaVe

Life

Sciences

Ltd.

*

3,920

16,934

Xeris

Biopharma

Holdings,

Inc.

*(d)

657

1,616

Zevra

Therapeutics,

Inc.

*(d)

2,300

13,317

Zoetis,

Inc.,

Class A

19,602

3,681,452

75,416,127

Professional

Services

0.8%

Alight,

Inc.,

Class A

*

18,238

162,683

ASGN,

Inc.

*

2,214

205,503

Asure

Software,

Inc.

*

117

1,034

Automatic

Data

Processing,

Inc.

17,496

4,300,167

Barrett

Business

Services,

Inc.

286

32,109

BlackSky

Technology,

Inc.,

Class A

*(d)

8,305

10,547

Booz

Allen

Hamilton

Holding

Corp.,

Class A

5,414

762,129

Broadridge

Financial

Solutions,

Inc.

5,145

1,050,609

CACI

International,

Inc.,

Class A

*

934

321,044

CBIZ,

Inc.

*

2,239

142,535

Ceridian

HCM

Holding,

Inc.

*(d)

6,431

447,083

Clarivate

plc

*(d)

21,423

191,522

Concentrix

Corp.

(d)

2,038

181,117

Conduent,

Inc.

*

6,679

24,044

CRA

International,

Inc.

372

39,893

CSG

Systems

International,

Inc.

(d)

1,656

83,313

DLH

Holdings

Corp.

*

2,271

35,655

Dun

&

Bradstreet

Holdings,

Inc.

15,655

181,441

Equifax,

Inc.

5,382

1,315,038

ExlService

Holdings,

Inc.

*(d)

5,902

184,615

Exponent,

Inc.

2,338

206,188

First

Advantage

Corp.

1,785

29,220

FiscalNote

Holdings,

Inc.

*(d)

4,632

5,744

Forrester

Research,

Inc.

*

438

11,160

Franklin

Covey

Co.

*

493

19,937

FTI

Consulting,

Inc.

*

1,392

266,721

Genpact

Ltd.

6,351

228,001

Heidrick

&

Struggles

International,

Inc.

749

22,448

HireQuest,

Inc.

(d)

380

5,054

HireRight

Holdings

Corp.

*

60

744

Huron

Consulting

Group,

Inc.

*

913

94,523

IBEX

Holdings

Ltd.

*

49

883

ICF

International,

Inc.

869

120,826

Innodata,

Inc.

*(d)

1,808

18,749

Insperity,

Inc.

1,301

149,212

Jacobs

Solutions,

Inc.

5,302

714,551

KBR,

Inc.

5,562

289,836

Kelly

Services,

Inc.,

Class A

1,323

27,188

Kforce,

Inc.

812

55,500

Korn

Ferry

2,447

143,566

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Professional

Services

Legalzoom.com,

Inc.

*

4,715

48,612

Leidos

Holdings,

Inc.

5,954

657,738

ManpowerGroup,

Inc.

1,968

145,908

Maximus,

Inc.

2,273

184,386

Mistras

Group,

Inc.

*

1,381

10,730

NV5

Global,

Inc.

*

651

68,283

Paychex,

Inc.

14,766

1,797,465

Paycom

Software,

Inc.

2,223

422,904

Paycor

HCM,

Inc.

*

1,358

26,386

Paylocity

Holding

Corp.

*

1,735

274,841

Planet

Labs

PBC

*(d)

11,190

25,289

RCM

Technologies,

Inc.

*

1,057

29,120

Recruit

Holdings

Co.

Ltd.

139,100

5,509,732

Resources

Connection,

Inc.

(d)

1,235

16,623

Robert

Half,

Inc.

4,465

355,146

Science

Applications

International

Corp.

2,191

279,703

Skillsoft

Corp.

*

19

266

Spire

Global,

Inc.

*

1,751

12,450

SS&C

Technologies

Holdings,

Inc.

9,501

579,751

Sterling

Check

Corp.

*

223

3,042

TaskUS,

Inc.,

Class A

*

113

1,406

TransUnion

8,336

576,768

TriNet

Group,

Inc.

*

1,396

158,725

TrueBlue,

Inc.

*

1,332

18,355

TTEC

Holdings,

Inc.

(d)

861

17,547

Upwork,

Inc.

*

3,571

48,958

Verisk

Analytics,

Inc.,

Class A

6,297

1,520,914

Verra

Mobility

Corp.,

Class A

*

6,291

150,418

Willdan

Group,

Inc.

*

426

8,154

25,031,752

Real

Estate

Management

&

Development

0.1%

Anywhere

Real

Estate,

Inc.

*

6,082

43,304

Belpointe

Prep

LLC

*

19

1,225

CBRE

Group,

Inc.,

Class A

*

13,104

1,131,006

Compass,

Inc.,

Class A

*(d)

17,213

59,213

CoStar

Group,

Inc.

*

17,321

1,445,957

Cushman

&

Wakefield

plc

*

7,484

78,732

DigitalBridge

Group,

Inc.

7,687

150,973

Doma

Holdings,

Inc.

*(d)

30

124

Douglas

Elliman,

Inc.

2,375

5,130

eXp

World

Holdings,

Inc.

(d)

3,509

43,441

Five

Point

Holdings

LLC,

Class A

*

292

1,019

Forestar

Group,

Inc.

*

529

16,536

FRP

Holdings,

Inc.

*

282

16,384

Howard

Hughes

Holdings,

Inc.

*

1,562

125,085

Jones

Lang

LaSalle,

Inc.

*

1,967

348,277

Kennedy-Wilson

Holdings,

Inc.

5,289

55,270

LuxUrban

Hotels,

Inc.

*(d)

4,166

17,331

Marcus

&

Millichap,

Inc.

940

35,805

Maui

Land

&

Pineapple

Co.,

Inc.

*

534

10,573

Newmark

Group,

Inc.,

Class A

4,841

49,136

Offerpad

Solutions,

Inc.

*

722

6,729

Offerpad

Solutions,

Inc.

*

52

485

Opendoor

Technologies,

Inc.

*

23,923

81,817

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

RE/MAX

Holdings,

Inc.,

Class A

87

933

Redfin

Corp.

*(d)

5,576

45,500

RMR

Group,

Inc.

(The),

Class A

570

14,871

Seritage

Growth

Properties,

Class A

*(d)

5,897

53,958

St

Joe

Co.

(The)

1,480

81,696

Star

Holdings

*

674

7,812

Stratus

Properties,

Inc.

*

33

759

Tejon

Ranch

Co.

*

887

13,997

Transcontinental

Realty

Investors,

Inc.

*

6

238

Zillow

Group,

Inc.,

Class A

*(d)

8,961

506,342

4,449,658

Residential

REITs

0.2%

American

Homes

4

Rent,

Class A

13,947

488,842

Apartment

Income

REIT

Corp.,

Class A

5,135

167,863

Apartment

Investment

and

Management

Co.,

Class A

*

7,886

58,593

AvalonBay

Communities,

Inc.

6,124

1,096,257

BRT

Apartments

Corp.

338

5,678

Camden

Property

Trust

4,294

402,949

Centerspace

697

38,168

Clipper

Realty,

Inc.

525

2,657

Elme

Communities

6,299

91,210

Equity

LifeStyle

Properties,

Inc.

7,429

502,869

Equity

Residential

15,222

916,212

Essex

Property

Trust,

Inc.

2,599

606,269

Independence

Realty

Trust,

Inc.

9,019

132,489

Invitation

Homes,

Inc.

25,816

850,121

Mid-America

Apartment

Communities,

Inc.

4,578

578,568

NexPoint

Residential

Trust,

Inc.

1,212

37,027

Sun

Communities,

Inc.

5,280

661,848

UDR,

Inc.

13,765

495,815

UMH

Properties,

Inc.

2,286

34,541

Veris

Residential,

Inc.

3,873

59,063

7,227,039

Retail

REITs

0.2%

Acadia

Realty

Trust

3,672

62,644

Agree

Realty

Corp.

3,598

214,477

Alexander's,

Inc.

80

17,583

Brixmor

Property

Group,

Inc.

11,528

258,688

CBL

&

Associates

Properties,

Inc.

898

20,995

Federal

Realty

Investment

Trust

3,304

336,116

Getty

Realty

Corp.

351

9,709

InvenTrust

Properties

Corp.

3,590

89,140

Kimco

Realty

Corp.

27,546

556,429

Kite

Realty

Group

Trust

9,639

206,275

Macerich

Co.

(The)

7,915

124,978

NETSTREIT

Corp.

3,366

61,160

NNN

REIT,

Inc.

6,225

251,117

54

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Retail

REITs

Phillips

Edison

&

Co.,

Inc.

4,372

151,752

Realty

Income

Corp.

34,366

1,869,167

Regency

Centers

Corp.

7,320

458,744

Retail

Opportunity

Investments

Corp.

7,114

96,679

Saul

Centers,

Inc.

469

17,944

Simon

Property

Group,

Inc.

14,475

2,006,380

SITE

Centers

Corp.

9,088

121,052

Tanger,

Inc.

4,779

128,555

Urban

Edge

Properties

6,342

109,526

Whitestone

REIT

1,563

20,194

7,189,304

Semiconductors

&

Semiconductor

Equipment

5.1%

ACM

Research,

Inc.,

Class A

*

1,523

26,226

Advanced

Micro

Devices,

Inc.

*

67,933

11,391,685

Advantest

Corp.

147,100

5,796,899

Aehr

Test

Systems

*

1,091

16,201

Allegro

MicroSystems,

Inc.

*

3,169

82,204

Alpha

&

Omega

Semiconductor

Ltd.

*

659

16,910

Ambarella,

Inc.

*

1,675

88,038

Amkor

Technology,

Inc.

4,684

148,295

Analog

Devices,

Inc.

21,109

4,060,527

Applied

Materials,

Inc.

35,428

5,820,820

Atomera,

Inc.

*(d)

517

4,064

Axcelis

Technologies,

Inc.

*

1,477

192,084

AXT,

Inc.

*

200

492

Broadcom,

Inc.

18,420

21,735,600

CEVA,

Inc.

*

1,011

19,411

Cirrus

Logic,

Inc.

*

2,531

195,393

Cohu,

Inc.

*

2,312

73,660

Credo

Technology

Group

Holding

Ltd.

*(d)

2,677

54,905

Diodes,

Inc.

*

1,505

101,317

Disco

Corp.

6,500

1,745,907

Enphase

Energy,

Inc.

*(d)

5,509

573,652

Entegris,

Inc.

6,236

733,977

Everspin

Technologies,

Inc.

*

1,674

14,296

First

Solar,

Inc.

*

4,476

654,839

FormFactor,

Inc.

*

3,647

141,394

GLOBALFOUNDRIES,

Inc.

*(d)

3,631

199,632

Ichor

Holdings

Ltd.

*

1,233

44,635

Impinj,

Inc.

*(d)

1,040

100,859

indie

Semiconductor,

Inc.,

Class A

*(d)

6,302

38,253

Intel

Corp.

180,715

7,785,202

inTEST

Corp.

*

712

8,494

KLA

Corp.

5,797

3,443,650

Kopin

Corp.

*

7,863

14,075

Kulicke

&

Soffa

Industries,

Inc.

2,427

122,127

Lam

Research

Corp.

5,582

4,606,099

Lattice

Semiconductor

Corp.

*

5,718

347,997

MACOM

Technology

Solutions

Holdings,

Inc.

*(d)

2,410

207,814

Marvell

Technology,

Inc.

36,148

2,447,220

Maxeon

Solar

Technologies

Ltd.

*(d)

1,673

7,579

MaxLinear,

Inc.,

Class A

*

3,429

71,392

Microchip

Technology,

Inc.

22,830

1,944,659

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Micron

Technology,

Inc.

46,416

3,980,172

MKS

Instruments,

Inc.

(d)

2,968

315,944

Monolithic

Power

Systems,

Inc.

1,980

1,193,386

Navitas

Semiconductor

Corp.,

Class A

*(d)

3,520

20,170

NVE

Corp.

341

27,277

NVIDIA

Corp.

101,312

62,334,234

ON

Semiconductor

Corp.

*(d)

18,547

1,319,248

Onto

Innovation,

Inc.

*

2,214

357,561

PDF

Solutions,

Inc.

*(d)

1,510

47,112

Photronics,

Inc.

*

1,891

55,255

Power

Integrations,

Inc.

2,161

161,989

Qorvo,

Inc.

*

4,235

422,399

QUALCOMM,

Inc.

47,263

7,019,028

QuickLogic

Corp.

*

1,402

15,941

Rambus,

Inc.

*

4,449

304,890

Semtech

Corp.

*(d)

1,708

33,887

Silicon

Laboratories,

Inc.

*

1,457

179,735

SiTime

Corp.

*

780

83,125

SkyWater

Technology,

Inc.

*

73

631

Skyworks

Solutions,

Inc.

6,639

693,510

SMART

Global

Holdings,

Inc.

*(d)

1,895

37,237

SolarEdge

Technologies,

Inc.

*

291

19,351

Synaptics,

Inc.

*

1,769

188,947

Teradyne,

Inc.

(d)

6,798

656,619

Texas

Instruments,

Inc.

38,446

6,155,973

Transphorm,

Inc.

*

247

1,195

Ultra

Clean

Holdings,

Inc.

*

1,995

76,209

Universal

Display

Corp.

1,938

329,014

Veeco

Instruments,

Inc.

*

2,489

79,349

Wolfspeed,

Inc.

*(d)

4,774

155,394

161,343,265

Software

7.0%

8x8,

Inc.

*(d)

6,803

22,858

A10

Networks,

Inc.

3,719

49,723

ACI

Worldwide,

Inc.

*

5,077

152,665

Adeia,

Inc.

(d)

5,063

61,465

Adobe,

Inc.

*

19,560

12,083,777

Agilysys,

Inc.

*

969

81,115

Alarm.com

Holdings,

Inc.

*

2,248

136,723

Alkami

Technology,

Inc.

*

150

3,693

Altair

Engineering,

Inc.,

Class A

*(d)

2,442

207,619

Alteryx,

Inc.,

Class A

*

2,466

117,036

American

Software,

Inc.,

Class A

1,158

13,120

Amplitude,

Inc.,

Class A

*

3,762

48,755

ANSYS,

Inc.

*

3,742

1,226,740

Appfolio,

Inc.,

Class A

*

903

197,992

Appian

Corp.,

Class A

*

1,696

55,340

AppLovin

Corp.,

Class A

*

8,505

349,811

Arteris,

Inc.

*

104

644

Asana,

Inc.,

Class A

*(d)

3,347

58,305

Aspen

Technology,

Inc.

*

1,106

212,341

Atlassian

Corp.,

Class A

*

6,400

1,598,528

Aurora

Innovation,

Inc.,

Class A

*(d)

11,180

33,428

Autodesk,

Inc.

*

9,007

2,286,067

AvePoint,

Inc.

*

7,109

54,739

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Software

Bentley

Systems,

Inc.,

Class B

(d)

8,821

444,578

BILL

Holdings,

Inc.

*

4,197

327,576

Bit

Digital,

Inc.

*(d)

5,225

13,794

Bitdeer

Technologies

Group,

Class A

*

108

885

Blackbaud,

Inc.

*

2,012

162,811

BlackLine,

Inc.

*(d)

2,482

145,644

Blend

Labs,

Inc.,

Class A

*(d)

16,959

46,298

Box,

Inc.,

Class A

*(d)

4,999

129,874

Braze,

Inc.,

Class A

*

1,656

89,507

C3.ai,

Inc.,

Class A

*(d)

2,125

52,657

Cadence

Design

Systems,

Inc.

*

11,447

3,302,002

CCC

Intelligent

Solutions

Holdings,

Inc.

*

8,719

95,822

Cerence,

Inc.

*(d)

1,924

38,518

Cipher

Mining,

Inc.

*

215

654

Cleanspark,

Inc.

*(d)

775

6,239

Clear

Secure,

Inc.,

Class A

3,767

71,686

Clearwater

Analytics

Holdings,

Inc.,

Class A

*

394

7,427

CommVault

Systems,

Inc.

*

2,139

196,104

Confluent,

Inc.,

Class A

*

7,012

156,788

Consensus

Cloud

Solutions,

Inc.

*

257

5,587

CoreCard

Corp.

*(d)

510

6,171

Crowdstrike

Holdings,

Inc.,

Class A

*

10,552

3,086,460

CS

Disco,

Inc.

*

2,248

18,389

Datadog,

Inc.,

Class A

*

11,843

1,473,743

Digimarc

Corp.

*(d)

453

16,045

Digital

Turbine,

Inc.

*

4,399

23,711

DocuSign,

Inc.,

Class A

*

8,485

516,906

Dolby

Laboratories,

Inc.,

Class A

2,516

209,281

Domo,

Inc.,

Class B

*

936

10,174

DoubleVerify

Holdings,

Inc.

*(d)

5,234

209,412

Dropbox,

Inc.,

Class A

*(d)

10,717

339,515

Dynatrace,

Inc.

*

8,219

468,483

E2open

Parent

Holdings,

Inc.

*

10,691

40,198

Ebix,

Inc.

*(d)

117

247

eGain

Corp.

*

782

5,865

Elastic

NV

*

3,281

384,074

Enfusion,

Inc.,

Class A

*(d)

259

2,046

Envestnet,

Inc.

*(d)

281

14,359

Everbridge,

Inc.

*

1,986

44,407

EverCommerce,

Inc.

*

103

1,003

Expensify,

Inc.,

Class A

*

3,871

6,271

Fair

Isaac

Corp.

*

1,049

1,257,573

Five9,

Inc.

*(d)

3,282

248,973

Fortinet,

Inc.

*

27,716

1,787,405

Freshworks,

Inc.,

Class A

*

7,542

167,432

Gen

Digital,

Inc.

23,979

563,027

Gitlab,

Inc.,

Class A

*

3,023

214,966

Guidewire

Software,

Inc.

*

3,538

395,124

HashiCorp,

Inc.,

Class A

*

4,365

95,419

HubSpot,

Inc.

*

1,699

1,038,089

Hut

8

Corp.

*(d)

3,870

28,909

Informatica,

Inc.,

Class A

*

1,605

48,150

Common

Stocks

Shares

Value

($)

Software

Instructure

Holdings,

Inc.

*

102

2,512

Intapp,

Inc.

*(d)

527

22,703

InterDigital,

Inc.

(d)

1,231

129,317

Intuit,

Inc.

11,583

7,312,695

Jamf

Holding

Corp.

*(d)

3,334

61,812

JFrog

Ltd.

*

342

11,125

Kaltura,

Inc.

*

5,824

9,784

Klaviyo,

Inc.,

Class A

*

59

1,525

LivePerson,

Inc.

*(d)

3,543

9,920

LiveRamp

Holdings,

Inc.

*

3,161

124,796

Manhattan

Associates,

Inc.

*(d)

2,719

659,521

Marathon

Digital

Holdings,

Inc.

*(d)

6,713

119,021

Matterport,

Inc.

*(d)

15,912

35,802

MeridianLink,

Inc.

*

109

2,480

Microsoft

Corp.

320,722

127,512,653

MicroStrategy,

Inc.,

Class A

*(d)

456

228,552

Mitek

Systems,

Inc.

*

887

11,176

Model

N,

Inc.

*

1,768

47,648

N-able,

Inc.

*

2,693

34,955

nCino,

Inc.

*

3,146

99,036

NCR

Voyix

Corp.

*

5,543

81,482

NextNav,

Inc.

*(d)

235

978

Nutanix,

Inc.,

Class A

*(d)

9,939

558,572

Olo,

Inc.,

Class A

*

6,789

35,099

ON24,

Inc.

(d)

884

6,763

OneSpan,

Inc.

*

1,132

11,614

Oracle

Corp.

67,045

7,488,926

PagerDuty,

Inc.

*(d)

4,013

95,028

Palantir

Technologies,

Inc.,

Class A

*(d)

105,900

1,703,931

Palo

Alto

Networks,

Inc.

*

12,537

4,243,900

Pegasystems,

Inc.

1,738

84,710

Perfect

Corp.

*

217

488

Porch

Group,

Inc.

*(d)

384

902

PowerSchool

Holdings,

Inc.,

Class A

*(d)

2,794

65,771

Procore

Technologies,

Inc.

*

3,910

279,135

Progress

Software

Corp.

1,938

110,098

PROS

Holdings,

Inc.

*

1,752

60,304

PTC,

Inc.

*

4,536

819,428

Q2

Holdings,

Inc.

*(d)

2,734

116,332

Qualys,

Inc.

*(d)

1,555

294,159

Rapid7,

Inc.

*(d)

2,533

139,391

Red

Violet,

Inc.

*

47

878

Rekor

Systems,

Inc.

*(d)

12,535

39,485

ReposiTrak,

Inc.

1,842

22,343

Rimini

Street,

Inc.

*

860

2,821

RingCentral,

Inc.,

Class A

*

3,943

133,628

Riot

Platforms,

Inc.

*(d)

7,577

82,589

Roadzen,

Inc.

*

188

991

Roper

Technologies,

Inc.

4,490

2,411,130

Salesforce,

Inc.

*

40,103

11,272,552

Samsara,

Inc.,

Class A

*

805

25,277

Sapiens

International

Corp.

NV

668

18,236

SEMrush

Holdings,

Inc.,

Class A

*(d)

2,227

25,700

SentinelOne,

Inc.,

Class A

*

8,869

237,689

ServiceNow,

Inc.

*

8,411

6,437,779

56

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Software

Smartsheet,

Inc.,

Class A

*

5,837

262,490

Smith

Micro

Software,

Inc.

*(d)

273

238

SolarWinds

Corp.

*

979

11,572

SoundHound

AI,

Inc.,

Class A

*(d)

10,296

17,091

SoundThinking,

Inc.

*

315

6,502

Splunk,

Inc.

*

6,584

1,009,788

Sprinklr,

Inc.,

Class A

*(d)

3,717

46,388

Sprout

Social,

Inc.,

Class A

*(d)

2,225

136,459

SPS

Commerce,

Inc.

*

1,700

312,460

Synopsys,

Inc.

*

6,779

3,615,580

Telos

Corp.

*

7,663

30,959

Tenable

Holdings,

Inc.

*

4,476

210,820

Teradata

Corp.

*

3,899

180,056

Terawulf,

Inc.

*(d)

643

1,074

Tyler

Technologies,

Inc.

*(d)

1,719

726,707

UiPath,

Inc.,

Class A

*

16,080

369,518

Unity

Software,

Inc.

*(d)

12,030

389,772

Upland

Software,

Inc.

*

133

552

Varonis

Systems,

Inc.,

Class B

*

5,028

225,657

Verint

Systems,

Inc.

*

3,088

91,683

Veritone,

Inc.

*(d)

1,038

1,713

Vertex,

Inc.,

Class A

*

220

5,337

Viant

Technology,

Inc.,

Class A

*

763

6,539

Weave

Communications,

Inc.

*

201

2,521

WM

Technology,

Inc.

*

382

310

Workday,

Inc.,

Class A

*

10,940

3,184,306

Workiva,

Inc.,

Class A

*(d)

2,194

203,910

Xperi,

Inc.

*

1,271

13,574

Yext,

Inc.

*

5,502

32,627

ZeroFox

Holdings,

Inc.

*

328

288

Zeta

Global

Holdings

Corp.,

Class A

*

7,618

73,742

Zoom

Video

Communications,

Inc.,

Class A

*

11,001

710,775

Zscaler,

Inc.

*

3,861

909,922

Zuora,

Inc.,

Class A

*

7,217

65,963

223,270,797

Specialized

REITs

0.6%

American

Tower

Corp.

19,787

3,871,327

Crown

Castle,

Inc.

18,173

1,967,227

CubeSmart

9,424

407,305

Digital

Realty

Trust,

Inc.

12,724

1,787,213

EPR

Properties

3,366

149,013

Equinix,

Inc.

3,930

3,260,996

Extra

Space

Storage,

Inc.

8,958

1,293,894

Farmland

Partners,

Inc.

2,745

30,799

Four

Corners

Property

Trust,

Inc.

4,023

94,178

Gaming

and

Leisure

Properties,

Inc.

10,739

490,235

Gladstone

Land

Corp.

792

11,215

Iron

Mountain,

Inc.

12,236

826,175

Lamar

Advertising

Co.,

Class A

3,659

383,024

National

Storage

Affiliates

Trust

3,284

122,657

Outfront

Media,

Inc.

6,827

88,888

Common

Stocks

Shares

Value

($)

Specialized

REITs

PotlatchDeltic

Corp.

3,508

156,913

Public

Storage

6,564

1,858,859

Rayonier,

Inc.

6,707

203,222

Safehold,

Inc.

1,504

29,869

SBA

Communications

Corp.,

Class A

4,587

1,026,846

Uniti

Group,

Inc.

11,862

62,394

VICI

Properties,

Inc.,

Class A

43,033

1,296,154

Weyerhaeuser

Co.

30,860

1,011,282

20,429,685

Specialty

Retail

1.7%

1-800-Flowers.com,

Inc.,

Class A

*

1,244

12,938

Aaron's

Co.,

Inc.

(The)

1,234

12,698

Abercrombie

&

Fitch

Co.,

Class A

*

2,267

231,007

Academy

Sports

&

Outdoors,

Inc.

2,870

180,035

Advance

Auto

Parts,

Inc.

2,167

144,864

American

Eagle

Outfitters,

Inc.

7,000

138,740

America's

Car-Mart,

Inc.

*

236

14,370

Arhaus,

Inc.,

Class A

*

176

2,058

Arko

Corp.

3,719

29,008

Asbury

Automotive

Group,

Inc.

*(d)

792

165,576

AutoNation,

Inc.

*(d)

1,109

154,883

AutoZone,

Inc.

*

765

2,113,030

BARK,

Inc.

*(d)

513

528

Barnes

&

Noble

Education,

Inc.

*

165

141

Bath

&

Body

Works,

Inc.

9,642

411,328

Best

Buy

Co.,

Inc.

8,561

620,587

Beyond,

Inc.

*

2,302

50,621

Big

5

Sporting

Goods

Corp.

(d)

1,600

8,048

Boot

Barn

Holdings,

Inc.

*

1,381

99,073

Buckle,

Inc.

(The)

1,708

63,521

Build-A-Bear

Workshop,

Inc.

68

1,532

Burlington

Stores,

Inc.

*

2,807

536,558

Caleres,

Inc.

1,463

45,894

Camping

World

Holdings,

Inc.,

Class A

1,774

44,084

CarMax,

Inc.

*(d)

6,704

477,191

CarParts.com,

Inc.

*

939

2,526

Carvana

Co.,

Class A

*(d)

3,970

170,948

Cato

Corp.

(The),

Class A

904

6,111

Chewy,

Inc.,

Class A

*(d)

606

10,799

Children's

Place,

Inc.

(The)

*

276

6,149

Citi

Trends,

Inc.

*(d)

1,814

48,851

Conn's,

Inc.

*

64

291

Container

Store

Group,

Inc.

(The)

*

163

266

Designer

Brands,

Inc.,

Class A

(d)

705

6,042

Destination

XL

Group,

Inc.

*

290

1,238

Dick's

Sporting

Goods,

Inc.

(d)

2,518

375,358

Duluth

Holdings,

Inc.,

Class B

*

510

2,489

EVgo,

Inc.,

Class A

*(d)

3,869

8,860

Farfetch

Ltd.,

Class A

*(d)

1,712

51

Fast

Retailing

Co.

Ltd.

17,700

4,725,933

Five

Below,

Inc.

*

2,360

423,526

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Specialty

Retail

Floor

&

Decor

Holdings,

Inc.,

Class A

*(d)

4,526

455,135

Foot

Locker,

Inc.

(d)

3,772

106,220

GameStop

Corp.,

Class A

*(d)

12,423

176,779

Gap,

Inc.

(The)

(d)

8,017

149,838

GCI

Liberty,

Inc.

*^∞

3,942

0

Genesco,

Inc.

*

465

12,918

Group

1

Automotive,

Inc.

602

156,556

GrowGeneration

Corp.

*

1,878

4,338

Guess?,

Inc.

(d)

1,676

37,442

Haverty

Furniture

Cos.,

Inc.

694

23,527

Hibbett,

Inc.

136

9,064

Home

Depot,

Inc.

(The)

42,978

15,169,515

J

Jill,

Inc.

*(d)

327

7,622

Lands'

End,

Inc.

*

418

3,959

Lazydays

Holdings,

Inc.

*(d)

840

4,124

Leslie's,

Inc.

*(d)

7,786

52,244

Lithia

Motors,

Inc.,

Class A

1,109

326,989

LL

Flooring

Holdings,

Inc.

*

130

338

Lowe's

Cos.,

Inc.

24,450

5,203,938

Lulu's

Fashion

Lounge

Holdings,

Inc.

*

60

121

MarineMax,

Inc.

*

796

22,288

Monro,

Inc.

1,207

38,455

Murphy

USA,

Inc.

695

245,001

National

Vision

Holdings,

Inc.

*

3,304

62,809

Newegg

Commerce,

Inc.

*(d)

3,510

2,766

Nitori

Holdings

Co.

Ltd.

41,600

5,403,786

ODP

Corp.

(The)

*

1,764

90,211

OneWater

Marine,

Inc.,

Class A

*

223

5,626

O'Reilly

Automotive,

Inc.

*

2,482

2,539,210

Penske

Automotive

Group,

Inc.

(d)

693

102,820

Petco

Health

&

Wellness

Co.,

Inc.,

Class A

*

4,292

10,258

PetMed

Express,

Inc.

933

5,794

RealReal,

Inc.

(The)

*(d)

21,322

40,938

Revolve

Group,

Inc.,

Class A

*(d)

2,103

30,304

RH

*(d)

742

188,082

Ross

Stores,

Inc.

14,072

1,974,020

RumbleON,

Inc.,

Class B

*

2,965

19,777

RumbleON,

Inc.,

Class B

*

115

767

Sally

Beauty

Holdings,

Inc.

*(d)

2,939

36,209

Shimamura

Co.

Ltd.

10,600

1,166,277

Shoe

Carnival,

Inc.

836

21,318

Signet

Jewelers

Ltd.

2,044

203,337

Sleep

Number

Corp.

*

682

7,025

Sonic

Automotive,

Inc.,

Class A

(d)

799

40,397

Sportsman's

Warehouse

Holdings,

Inc.

*(d)

1,592

6,129

Stitch

Fix,

Inc.,

Class A

*

2,202

7,046

ThredUp,

Inc.,

Class A

*(d)

351

714

Tile

Shop

Holdings,

Inc.

*

131

850

Tilly's,

Inc.,

Class A

*

835

6,129

TJX

Cos.,

Inc.

(The)

50,447

4,787,925

Torrid

Holdings,

Inc.

*(d)

50

258

Tractor

Supply

Co.

(d)

4,625

1,038,775

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ulta

Beauty,

Inc.

*

2,080

1,044,264

Upbound

Group,

Inc.

2,387

79,248

Urban

Outfitters,

Inc.

*

2,877

109,326

Valvoline,

Inc.

*(d)

5,626

205,293

Victoria's

Secret

&

Co.

*

3,560

92,738

Vroom,

Inc.

*(d)

614

151

Warby

Parker,

Inc.,

Class A

*

2,437

31,072

Wayfair,

Inc.,

Class A

*(d)

3,225

162,056

Williams-Sonoma,

Inc.

(d)

2,618

506,295

Winmark

Corp.

111

40,034

Zumiez,

Inc.

*

1,460

25,068

53,649,264

Technology

Hardware,

Storage

&

Peripherals

3.8%

Apple,

Inc.

630,161

116,201,688

Corsair

Gaming,

Inc.

*(d)

1,817

23,130

CPI

Card

Group,

Inc.

*(d)

302

5,512

Dell

Technologies,

Inc.,

Class C

4,250

352,240

Diebold

Nixdorf,

Inc.

*

1,848

56,179

Eastman

Kodak

Co.

*

729

2,515

Hewlett

Packard

Enterprise

Co.

65,469

1,001,021

HP,

Inc.

36,933

1,060,346

Immersion

Corp.

155

1,059

Intevac,

Inc.

*(d)

1,692

6,988

IonQ,

Inc.

*(d)

7,537

77,405

NetApp,

Inc.

8,996

784,451

Pure

Storage,

Inc.,

Class A

*(d)

12,021

480,720

Seagate

Technology

Holdings

plc

1,008

86,366

Super

Micro

Computer,

Inc.

*(d)

1,928

1,021,088

Turtle

Beach

Corp.

*

450

5,117

Western

Digital

Corp.

*

13,997

801,328

Xerox

Holdings

Corp.

(d)

5,498

101,493

122,068,646

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds,

Inc.,

Class A

*(d)

589

565

Asics

Corp.

120,900

3,673,827

Birkenstock

Holding

plc

*(d)

1,271

58,962

Capri

Holdings

Ltd.

*

4,842

235,999

Carter's,

Inc.

1,854

140,237

Columbia

Sportswear

Co.

(d)

985

78,071

Crocs,

Inc.

*

2,438

247,408

Deckers

Outdoor

Corp.

*

1,114

839,655

Figs,

Inc.,

Class A

*(d)

6,290

36,230

Fossil

Group,

Inc.

*(d)

1,874

2,174

G-III

Apparel

Group

Ltd.

*

1,714

51,574

Hanesbrands,

Inc.

*(d)

16,777

75,496

Kontoor

Brands,

Inc.

2,561

150,126

Lanvin

Group

Holdings

Ltd.

*

133

293

Levi

Strauss

&

Co.,

Class A

(d)

500

8,140

Lululemon

Athletica,

Inc.

*

4,729

2,146,115

Movado

Group,

Inc.

661

18,230

NIKE,

Inc.,

Class B

51,179

5,196,204

Oxford

Industries,

Inc.

730

69,299

PVH

Corp.

2,514

302,334

Ralph

Lauren

Corp.,

Class A

1,624

233,320

Rocky

Brands,

Inc.

205

5,736

58

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Skechers

USA,

Inc.,

Class A

*

5,758

359,530

Steven

Madden

Ltd.

3,661

153,323

Superior

Group

of

Cos.,

Inc.

1,614

21,498

Tapestry,

Inc.

(d)

9,253

358,924

Under

Armour,

Inc.,

Class A

*

17,279

129,794

Unifi,

Inc.

*

77

487

Vera

Bradley,

Inc.

*

1,853

14,231

VF

Corp.

13,991

230,292

Wolverine

World

Wide,

Inc.

529

4,422

14,842,496

Tobacco

0.3%

Altria

Group,

Inc.

75,474

3,028,017

Ispire

Technology,

Inc.

*(d)

64

704

Philip

Morris

International,

Inc.

68,249

6,200,422

Turning

Point

Brands,

Inc.

383

9,303

Universal

Corp.

(d)

680

39,406

Vector

Group

Ltd.

6,867

71,897

9,349,749

Trading

Companies

&

Distributors

0.4%

Air

Lease

Corp.,

Class A

4,482

187,392

Alta

Equipment

Group,

Inc.

689

7,372

Applied

Industrial

Technologies,

Inc.

1,587

280,042

Beacon

Roofing

Supply,

Inc.

*

2,240

185,674

BlueLinx

Holdings,

Inc.

*

312

35,986

Boise

Cascade

Co.

1,810

245,183

Core

&

Main,

Inc.,

Class A

*

6,149

254,015

Custom

Truck

One

Source,

Inc.

*

740

4,840

Distribution

Solutions

Group,

Inc.

*

568

18,131

DNOW,

Inc.

*

1,306

13,178

DXP

Enterprises,

Inc.

*

611

19,686

EVI

Industries,

Inc.

(d)

339

7,827

Fastenal

Co.

24,984

1,704,658

Ferguson

plc

11,182

2,100,650

FTAI

Aviation

Ltd.

4,388

236,733

GATX

Corp.

1,268

155,520

Global

Industrial

Co.

501

21,308

GMS,

Inc.

*

1,812

152,498

H&E

Equipment

Services,

Inc.

1,506

81,008

Herc

Holdings,

Inc.

1,243

183,330

Hudson

Technologies,

Inc.

*

202

2,561

Karat

Packaging,

Inc.

35

844

McGrath

RentCorp

1,152

144,749

MRC

Global,

Inc.

*

3,113

33,185

MSC

Industrial

Direct

Co.,

Inc.,

Class A

1,865

184,038

Rush

Enterprises,

Inc.,

Class A

3,023

136,563

SiteOne

Landscape

Supply,

Inc.

*(d)

1,825

282,054

Textainer

Group

Holdings

Ltd.

1,481

73,532

Titan

Machinery,

Inc.

*(d)

747

19,967

Transcat,

Inc.

*

254

27,950

United

Rentals,

Inc.

2,908

1,818,663

Watsco,

Inc.

(d)

1,461

571,222

WESCO

International,

Inc.

1,997

346,519

Willis

Lease

Finance

Corp.

*

197

9,655

WW

Grainger,

Inc.

1,842

1,649,769

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Xometry,

Inc.,

Class A

*(d)

1,754

56,444

11,252,746

Water

Utilities

0.1%

American

States

Water

Co.

1,716

128,014

American

Water

Works

Co.,

Inc.

8,352

1,035,815

Artesian

Resources

Corp.,

Class A

297

10,840

Cadiz,

Inc.

*(d)

2,887

7,824

California

Water

Service

Group

2,648

119,875

Consolidated

Water

Co.

Ltd.

148

4,726

Essential

Utilities,

Inc.

11,147

399,731

Global

Water

Resources,

Inc.

433

5,192

Middlesex

Water

Co.

91

5,093

Pure

Cycle

Corp.

*

763

7,470

SJW

Group

1,473

87,702

York

Water

Co.

(The)

1,057

37,925

1,850,207

Wireless

Telecommunication

Services

0.1%

FingerMotion,

Inc.

*

8,295

19,659

Gogo,

Inc.

*

3,062

27,099

Spok

Holdings,

Inc.

1,271

21,048

Telephone

&

Data

Systems,

Inc.

4,604

88,443

Tingo

Group,

Inc.

*∞(d)

8,679

5,988

T-Mobile

US,

Inc.

23,208

3,741,826

United

States

Cellular

Corp.

*

72

3,197

3,907,260

Total

Common

Stocks

(cost

$1,392,588,223)

2,124,834,299

Corporate

Bonds

6.4%

Principal

Amount

($)

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

820,000

819,682

4.88%,

5/1/2025

1,300,000

1,292,545

2.75%,

2/1/2026

400,000

381,841

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027(d)

1,600,000

1,631,758

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

1,780,000

1,744,796

RTX

Corp.

,

3.15%,

12/15/2024

50,000

49,062

5.75%,

11/8/2026

2,350,000

2,410,664

TransDigm,

Inc.

,

7.13%,

12/1/2031(a)

170,000

177,187

8,507,535

Automobiles

0.1%

Ford

Motor

Co.

,

3.25%,

2/12/2032

790,000

653,980

General

Motors

Co.

,

6.13%,

10/1/2025

1,340,000

1,359,413

Hyundai

Capital

America

,

5.95%,

9/21/2026(a)(d)

330,000

336,477

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

Nissan

Motor

Acceptance

Co.

LLC

,

2.00%,

3/9/2026(a)

50,000

46,206

2,396,076

Banks

1.7%

Banco

Santander

SA

,

2.75%,

5/28/2025

800,000

772,905

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

3/24/2028(e)

800,000

770,500

Bank

of

America

Corp.

,

(SOFR

+

1.11%),

3.84%,

4/25/2025(e)

60,000

59,730

(SOFR

+

1.15%),

1.32%,

6/19/2026(e)

1,020,000

965,172

(SOFR

+

0.96%),

1.73%,

7/22/2027(e)

1,220,000

1,124,512

Bank

of

America

NA

,

5.65%,

8/18/2025

2,330,000

2,358,191

Bank

of

Montreal

,

1.85%,

5/1/2025

2,710,000

2,608,652

Bank

of

Nova

Scotia

(The)

,

1.30%,

6/11/2025

1,440,000

1,370,528

5.45%,

6/12/2025

1,490,000

1,498,420

5.25%,

6/12/2028(d)

1,520,000

1,547,685

BNP

Paribas

SA

,

(CME

Term

SOFR

3

Month

+

1.37%),

2.82%,

11/19/2025(a)(e)

3,750,000

3,668,777

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.34%,

6/12/2029(a)(e)

1,650,000

1,673,682

Citigroup,

Inc.

,

(SOFR

+

1.37%),

4.14%,

5/24/2025(e)

1,290,000

1,283,570

(SOFR

+

2.84%),

3.11%,

4/8/2026(e)

1,070,000

1,043,156

(SOFR

+

0.77%),

1.12%,

1/28/2027(e)

750,000

692,640

(SOFR

+

0.77%),

1.46%,

6/9/2027(e)

950,000

873,047

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.22%),

3.65%,

4/6/2028(a)(e)

2,380,000

2,275,463

Credit

Agricole

SA

,

(SOFR

+

1.68%),

1.91%,

6/16/2026(a)(e)

2,200,000

2,097,040

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

3/28/2025(a)(d)(e)

1,270,000

1,265,465

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.18%),

6.26%,

9/22/2026(a)(e)

860,000

874,897

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

5/25/2027(a)(e)

1,470,000

1,348,657

HSBC

Holdings

plc

,

(SOFR

+

0.71%),

0.98%,

5/24/2025(e)

200,000

196,942

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.85%),

2.08%,

4/22/2026(e)

2,790,000

2,683,002

(SOFR

+

0.89%),

1.58%,

4/22/2027(e)

750,000

696,143

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

7/9/2025(e)

720,000

714,772

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.13%),

3.84%,

4/17/2026(e)

340,000

334,337

Morgan

Stanley

Bank

NA

,

4.75%,

4/21/2026

390,000

390,419

National

Securities

Clearing

Corp.

,

5.15%,

5/30/2025(a)

830,000

834,498

Nordea

Bank

Abp

,

0.63%,

5/24/2024(a)

1,210,000

1,192,114

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.32%),

5.81%,

6/12/2026(e)

1,460,000

1,468,136

Royal

Bank

of

Canada

,

3.38%,

4/14/2025

2,310,000

2,268,566

Santander

UK

Group

Holdings

plc

,

(SOFR

+

0.99%),

1.67%,

6/14/2027(e)

650,000

594,003

Swedbank

AB

,

3.36%,

4/4/2025(a)

1,170,000

1,148,456

Toronto-Dominion

Bank

(The)

,

1.15%,

6/12/2025

60,000

57,051

5.52%,

7/17/2028(d)

1,310,000

1,347,258

Truist

Financial

Corp.

,

(SOFR

+

2.05%),

6.05%,

6/8/2027(e)

710,000

723,260

(SOFR

+

0.86%),

1.89%,

6/7/2029(e)

620,000

540,513

US

Bancorp

,

1.45%,

5/12/2025(d)

1,090,000

1,043,074

(SOFR

+

0.73%),

2.22%,

1/27/2028(e)

160,000

147,362

(SOFR

+

2.02%),

5.78%,

6/12/2029(d)(e)

720,000

737,640

Wells

Fargo

&

Co.

,

(SOFR

+

1.32%),

3.91%,

4/25/2026(e)

700,000

688,142

60

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

2.00%),

2.19%,

4/30/2026(e)

1,430,000

1,375,717

(SOFR

+

1.74%),

5.57%,

7/25/2029(e)

2,560,000

2,616,362

Westpac

Banking

Corp.

,

1.15%,

6/3/2026

630,000

582,020

52,552,476

Beverages

0.0%

†

Constellation

Brands,

Inc.

,

3.60%,

5/9/2024

220,000

218,883

5.00%,

2/2/2026

430,000

429,438

648,321

Biotechnology

0.1%

AbbVie,

Inc.

,

2.60%,

11/21/2024

340,000

332,896

3.80%,

3/15/2025

750,000

740,316

2.95%,

11/21/2026

2,130,000

2,041,424

3,114,636

Broadline

Retail

0.1%

Amazon.com,

Inc.

,

3.30%,

4/13/2027(d)

290,000

281,574

1.20%,

6/3/2027

1,200,000

1,084,159

eBay,

Inc.

,

1.40%,

5/10/2026(d)

760,000

704,401

Prosus

NV

,

Reg.

S,

4.85%,

7/6/2027

560,000

540,029

3.06%,

7/13/2031(a)

1,050,000

854,691

3,464,854

Building

Products

0.0%

†

Carrier

Global

Corp.

,

2.24%,

2/15/2025

153,000

148,307

Capital

Markets

0.4%

Bank

of

New

York

Mellon

Corp.

(The)

,

1.60%,

4/24/2025

760,000

731,027

Charles

Schwab

Corp.

(The)

,

1.15%,

5/13/2026

910,000

837,410

(SOFR

+

2.21%),

5.64%,

5/19/2029(e)

460,000

470,650

Credit

Suisse

AG

,

2.95%,

4/9/2025

3,620,000

3,520,729

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

830,000

814,300

3.75%,

5/22/2025

3,880,000

3,814,286

Morgan

Stanley

,

(SOFR

+

1.16%),

3.62%,

4/17/2025(e)

1,300,000

1,294,406

(SOFR

+

1.99%),

2.19%,

4/28/2026(e)

1,480,000

1,426,773

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)(e)

680,000

624,100

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

4.49%,

5/12/2026(a)(e)

330,000

325,572

13,859,253

Chemicals

0.1%

MEGlobal

BV

,

2.63%,

4/28/2028(a)

780,000

696,496

MEGlobal

Canada

ULC

,

Reg.

S,

5.88%,

5/18/2030

620,000

628,210

OCP

SA

,

Reg.

S,

4.50%,

10/22/2025

930,000

902,472

Orbia

Advance

Corp.

SAB

de

CV

,

1.88%,

5/11/2026(a)

860,000

792,309

2.88%,

5/11/2031(a)

250,000

205,888

3,225,375

Commercial

Services

&

Supplies

0.0%

†

GFL

Environmental,

Inc.

,

6.75%,

1/15/2031(a)

150,000

153,417

Construction

Materials

0.0%

†

Inversiones

CMPC

SA

,

Reg.

S,

3.85%,

1/13/2030

1,490,000

1,356,831

Consumer

Finance

0.3%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

940,000

871,866

6.10%,

1/15/2027

740,000

756,748

American

Express

Co.

,

3.38%,

5/3/2024(d)

740,000

735,810

3.95%,

8/1/2025

1,610,000

1,585,850

(SOFR

+

0.97%),

5.39%,

7/28/2027(e)

460,000

464,934

4.05%,

5/3/2029(d)

130,000

128,258

(United

States

SOFR

Compounded

Index

+

1.28%),

5.28%,

7/27/2029(d)(e)

460,000

468,439

American

Honda

Finance

Corp.

,

4.95%,

1/9/2026

1,980,000

1,989,300

Ford

Motor

Credit

Co.

LLC

,

5.11%,

5/3/2029(d)

760,000

738,394

John

Deere

Capital

Corp.

,

4.95%,

7/14/2028

1,080,000

1,103,776

PACCAR

Financial

Corp.

,

1.10%,

5/11/2026

430,000

398,215

9,241,590

Diversified

Telecommunication

Services

0.1%

CCO

Holdings

LLC

,

4.50%,

8/15/2030(a)

220,000

191,325

Verizon

Communications,

Inc.

,

2.63%,

8/15/2026

700,000

666,759

2.10%,

3/22/2028

1,700,000

1,537,186

2.36%,

3/15/2032

711,000

590,471

2,985,741

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

0.3%

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028

940,000

963,959

Comision

Federal

de

Electricidad

,

3.88%,

7/26/2033(a)

410,000

332,190

Connecticut

Light

and

Power

Co.

(The)

,

4.65%,

1/1/2029

440,000

440,273

FirstEnergy

Corp.

,

Series

A,

1.60%,

1/15/2026

2,500,000

2,326,224

NextEra

Energy

Capital

Holdings,

Inc.

,

5.75%,

9/1/2025

240,000

242,424

Perusahaan

Listrik

Negara

PT

,

5.45%,

5/21/2028(a)

880,000

887,687

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Reg.

S,

3.00%,

6/30/2030

530,000

462,620

Southern

California

Edison

Co.

,

Series

E,

3.70%,

8/1/2025

1,360,000

1,335,110

4.90%,

6/1/2026

1,520,000

1,524,971

5.65%,

10/1/2028

630,000

655,389

9,170,847

Entertainment

0.1%

Warnermedia

Holdings,

Inc.

,

3.64%,

3/15/2025

700,000

686,601

6.41%,

3/15/2026

210,000

210,032

3.76%,

3/15/2027

670,000

643,626

1,540,259

Financial

Services

0.1%

NTT

Finance

Corp.

,

1.16%,

4/3/2026(a)

1,510,000

1,400,074

PayPal

Holdings,

Inc.

,

1.65%,

6/1/2025

2,280,000

2,183,087

Shell

International

Finance

BV

,

2.88%,

5/10/2026

280,000

270,168

3,853,329

Food

Products

0.0%

†

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

440,000

421,752

Gas

Utilities

0.0%

†

Promigas

SA

ESP

,

Reg.

S,

3.75%,

10/16/2029

1,570,000

1,366,801

Ground

Transportation

0.0%

†

Canadian

Pacific

Railway

Co.

,

1.75%,

12/2/2026

1,360,000

1,258,302

Health

Care

Equipment

&

Supplies

0.0%

†

Becton

Dickinson

&

Co.

,

3.36%,

6/6/2024

454,000

450,313

Health

Care

Providers

&

Services

0.3%

Cigna

Group

(The)

,

3.25%,

4/15/2025

40,000

39,135

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

CVS

Health

Corp.

,

3.88%,

7/20/2025

3,060,000

3,011,362

5.00%,

1/30/2029

1,660,000

1,679,526

Elevance

Health,

Inc.

,

4.90%,

2/8/2026(d)

1,020,000

1,017,014

Humana,

Inc.

,

4.50%,

4/1/2025

90,000

89,286

5.75%,

12/1/2028

1,350,000

1,398,935

LifePoint

Health,

Inc.

,

9.88%,

8/15/2030(a)

30,000

30,677

McKesson

Corp.

,

4.90%,

7/15/2028

1,840,000

1,868,850

UnitedHealth

Group,

Inc.

,

1.15%,

5/15/2026(d)

300,000

278,559

3.70%,

5/15/2027

780,000

763,907

10,177,251

Hotels,

Restaurants

&

Leisure

0.1%

Caesars

Entertainment,

Inc.

,

7.00%,

2/15/2030(a)

60,000

61,659

6.50%,

2/15/2032(a)

50,000

50,553

Las

Vegas

Sands

Corp.

,

2.90%,

6/25/2025(d)

260,000

251,053

3.50%,

8/18/2026

185,000

176,793

McDonald's

Corp.

,

3.30%,

7/1/2025

910,000

891,330

1.45%,

9/1/2025

80,000

75,932

3.70%,

1/30/2026

900,000

885,407

NCL

Corp.

Ltd.

,

8.13%,

1/15/2029(a)

200,000

209,936

2,602,663

Industrial

Conglomerates

0.1%

3M

Co.

,

(CME

Term

SOFR

3

Month

+

0.56%),

5.94%,

2/14/2024(e)

1,430,000

1,430,102

Honeywell

International,

Inc.

,

1.10%,

3/1/2027

500,000

453,721

1,883,823

Insurance

0.1%

Guardian

Life

Global

Funding

,

1.10%,

6/23/2025(a)

150,000

142,388

New

York

Life

Global

Funding

,

0.95%,

6/24/2025(a)

100,000

94,738

Northwestern

Mutual

Global

Funding

,

4.90%,

6/12/2028(a)

2,120,000

2,128,405

Principal

Life

Global

Funding

II

,

1.25%,

6/23/2025(a)

510,000

484,935

2,850,466

Media

0.2%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

1,050,000

1,040,691

Comcast

Corp.

,

3.95%,

10/15/2025

1,120,000

1,106,036

4.15%,

10/15/2028

270,000

265,961

62

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

CSC

Holdings

LLC

,

4.13%,

12/1/2030(a)

210,000

151,725

4.50%,

11/15/2031(a)

700,000

502,286

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

150,000

118,126

5.75%,

12/1/2028(a)

640,000

430,544

Fox

Corp.

,

3.05%,

4/7/2025

1,370,000

1,336,695

3.50%,

4/8/2030(d)

130,000

119,726

5,071,790

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

6.55%,

11/29/2027

540,000

566,039

Freeport-McMoRan,

Inc.

,

4.55%,

11/14/2024

640,000

634,208

Glencore

Funding

LLC

,

4.13%,

3/12/2024(a)

470,000

469,204

5.40%,

5/8/2028(a)

1,160,000

1,180,917

Southern

Copper

Corp.

,

3.88%,

4/23/2025

940,000

921,306

Vale

Overseas

Ltd.

,

6.88%,

11/21/2036

130,000

140,723

3,912,397

Oil,

Gas

&

Consumable

Fuels

0.9%

Columbia

Pipelines

Holding

Co.

LLC

,

6.06%,

8/15/2026(a)

490,000

501,007

6.04%,

8/15/2028(a)

700,000

724,660

Continental

Resources,

Inc.

,

3.80%,

6/1/2024(d)

450,000

446,698

2.27%,

11/15/2026(a)

270,000

249,344

4.38%,

1/15/2028(d)

480,000

465,772

Coterra

Energy,

Inc.

,

3.90%,

5/15/2027

440,000

428,221

Devon

Energy

Corp.

,

5.25%,

9/15/2024

560,000

558,892

5.85%,

12/15/2025

1,810,000

1,830,506

5.25%,

10/15/2027

820,000

825,690

Ecopetrol

SA

,

5.38%,

6/26/2026

810,000

799,990

Energy

Transfer

LP

,

4.50%,

4/15/2024

360,000

359,007

2.90%,

5/15/2025

1,420,000

1,378,422

5.55%,

2/15/2028

660,000

671,614

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024(d)

520,000

519,558

3.75%,

2/15/2025(d)

640,000

632,469

3.70%,

2/15/2026

60,000

58,892

4.15%,

10/16/2028

590,000

580,179

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

900,000

910,981

EQT

Corp.

,

6.13%,

2/1/2025(c)

438,000

439,407

3.13%,

5/15/2026(a)(d)

315,000

299,380

3.90%,

10/1/2027(d)

820,000

783,846

5.00%,

1/15/2029

20,000

19,746

Kinder

Morgan

Energy

Partners

LP

,

4.30%,

5/1/2024

1,250,000

1,246,160

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

730,000

721,512

MPLX

LP

,

4.00%,

2/15/2025

80,000

78,875

4.88%,

6/1/2025

720,000

716,662

1.75%,

3/1/2026

850,000

796,401

Occidental

Petroleum

Corp.

,

5.88%,

9/1/2025

648,000

652,387

3.00%,

2/15/2027

264,000

245,890

8.50%,

7/15/2027

1,372,000

1,499,088

Petrobras

Global

Finance

BV

,

5.75%,

2/1/2029

370,000

368,822

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(a)

1,190,000

874,024

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

2,130,000

1,987,410

QazaqGaz

NC

JSC

,

Reg.

S,

4.38%,

9/26/2027

1,430,000

1,363,934

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

7.85%,

2/1/2026

990,000

1,038,285

Western

Midstream

Operating

LP

,

3.95%,

6/1/2025

410,000

400,761

4.50%,

3/1/2028

490,000

475,400

4.75%,

8/15/2028

250,000

244,998

6.35%,

1/15/2029

490,000

512,226

Williams

Cos.,

Inc.

(The)

,

4.30%,

3/4/2024(d)

610,000

609,345

4.55%,

6/24/2024

700,000

696,814

28,013,275

Paper

&

Forest

Products

0.0%

†

Suzano

Austria

GmbH

,

5.75%,

7/14/2026(a)

1,030,000

1,035,726

5.00%,

1/15/2030

320,000

304,758

1,340,484

Passenger

Airlines

0.0%

†

American

Airlines,

Inc.

,

8.50%,

5/15/2029(a)(d)

180,000

190,802

Personal

Care

Products

0.1%

Haleon

UK

Capital

plc

,

3.13%,

3/24/2025

540,000

528,307

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027(d)

890,000

856,948

Kenvue,

Inc.

,

5.05%,

3/22/2028

890,000

910,044

2,295,299

Pharmaceuticals

0.2%

Merck

&

Co.,

Inc.

,

1.45%,

6/24/2030

90,000

75,214

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2026

2,910,000

2,896,747

Pfizer,

Inc.

,

0.80%,

5/28/2025

1,020,000

968,841

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026(d)

1,470,000

1,367,529

4.75%,

5/9/2027(d)

500,000

483,125

5.13%,

5/9/2029(d)

300,000

289,178

6,080,634

Professional

Services

0.0%

†

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028

650,000

586,713

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.15%,

11/15/2025

720,000

698,391

3.14%,

11/15/2035(a)

830,000

682,275

Intel

Corp.

,

1.60%,

8/12/2028

1,020,000

903,183

5.13%,

2/10/2030(d)

200,000

205,989

Microchip

Technology,

Inc.

,

0.98%,

9/1/2024(d)

610,000

593,810

NXP

BV

,

2.70%,

5/1/2025

1,810,000

1,750,950

Texas

Instruments,

Inc.

,

1.75%,

5/4/2030

340,000

289,862

TSMC

Arizona

Corp.

,

1.75%,

10/25/2026(d)

850,000

785,622

5,910,082

Software

0.1%

Oracle

Corp.

,

2.50%,

4/1/2025

840,000

814,859

4.50%,

5/6/2028(d)

1,330,000

1,324,734

2,139,593

Specialty

Retail

0.0%

†

Home

Depot,

Inc.

(The)

,

2.50%,

4/15/2027

10,000

9,437

2.88%,

4/15/2027

160,000

152,656

Lowe's

Cos.,

Inc.

,

2.50%,

4/15/2026

420,000

400,699

1.70%,

9/15/2028

770,000

680,319

1,243,111

Tobacco

0.1%

Altria

Group,

Inc.

,

2.35%,

5/6/2025

920,000

889,123

4.40%,

2/14/2026

146,000

144,601

2.63%,

9/16/2026

860,000

816,667

6.20%,

11/1/2028(d)

70,000

73,841

BAT

Capital

Corp.

,

3.56%,

8/15/2027

114,000

108,939

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

1,060,000

987,773

5.93%,

2/2/2029(d)

460,000

477,533

Philip

Morris

International,

Inc.

,

1.50%,

5/1/2025

90,000

86,484

0.88%,

5/1/2026

580,000

533,256

4,118,217

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

0.70%,

2/15/2024(d)

750,000

748,619

3.38%,

7/1/2025

90,000

87,286

1.88%,

8/15/2026

490,000

450,965

5.30%,

2/1/2028(d)

260,000

262,056

1,548,926

Transportation

Infrastructure

0.0%

†

DP

World

Crescent

Ltd.

,

4.85%,

9/26/2028(a)

950,000

937,120

Wireless

Telecommunication

Services

0.1%

Sprint

LLC

,

7.13%,

6/15/2024

2,439,000

2,449,490

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025

1,290,000

1,264,709

3.50%,

4/15/2031

840,000

765,131

4,479,330

Total

Corporate

Bonds

(cost

$210,852,742)

205,097,991

Exchange

Traded

Funds

2.4%

Shares

Debt

Funds

1.0%

Vanguard

Intermediate-Term

Corporate

Bond

ETF(d)

243,892

19,813,786

Vanguard

Long-Term

Corporate

Bond

ETF(d)

155,971

12,400,474

32,214,260

Equity

Funds

1.4%

iShares

Russell

1000

ETF(d)

80,845

21,486,176

Vanguard

High

Dividend

Yield

ETF(d)

1,566

176,128

Vanguard

Russell

1000(d)

97,767

21,490,164

43,152,468

Total

Exchange

Traded

Funds

(cost

$71,405,722)

75,366,728

Foreign

Government

Securities

0.1%

Principal

Amount

($)

ARGENTINA

0.0%

†

Argentine

Republic,

1.00%,

7/9/2029

33,130

13,427

0.75%,

7/9/2030(c)

200

81

Provincia

de

Buenos

Aires,

Reg.

S,

6.37%,

9/1/2037(c)

670,000

260,860

6.37%,

9/1/2037(a)(c)

301,247

117,289

391,657

COLOMBIA

0.0%

†

Republic

of

Colombia,

3.25%,

4/22/2032

750,000

587,051

MEXICO

0.1%

Mex

Bonos

Desarr

Fix

Rt,

8.00%,

11/7/2047

MXN

26,410,000

1,342,787

64

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

United

Mexican

States,

3.50%,

2/12/2034

1,510,000

1,263,867

2,606,654

SENEGAL

0.0%

†

Republic

of

Senegal,

Reg.

S,

6.25%,

7/30/2024

300,000

296,772

6.25%,

5/23/2033(a)

250,000

216,498

513,270

Total

Foreign

Government

Securities

(cost

$4,231,634)

4,098,632

Mortgage-Backed

Securities

1.7%

FHLMC

UMBS

Pool

Pool#

RB5131

2.00%,

10/1/2041

828,230

705,162

Pool#

RB5141

2.00%,

1/1/2042

86,055

73,259

Pool#

RB5145

2.00%,

2/1/2042

173,285

147,371

Pool#

QK1354

2.00%,

2/1/2042

171,831

145,869

Pool#

SD2866

4.00%,

7/1/2049

93,859

90,167

Pool#

SI2048

2.50%,

7/1/2050

95,912

81,673

Pool#

SD2588

4.00%,

7/1/2050

91,821

88,316

Pool#

QB4985

2.00%,

11/1/2050

144,303

117,799

Pool#

SD7534

2.50%,

2/1/2051

931,526

800,273

Pool#

SD0781

3.00%,

11/1/2051

636,702

560,694

Pool#

QD2260

3.00%,

12/1/2051

83,753

73,962

Pool#

QD7333

3.00%,

2/1/2052

90,715

79,604

Pool#

RA7186

4.00%,

4/1/2052

1,040,891

987,435

Pool#

RA7185

4.00%,

4/1/2052

611,446

578,008

Pool#

SD8214

3.50%,

5/1/2052

732,885

667,295

Pool#

SD2549

4.00%,

7/1/2052

90,026

86,110

Pool#

SD1807

4.50%,

7/1/2052

646,807

628,223

Pool#

QF3213

4.50%,

11/1/2052

373,375

361,012

Pool#

SD2251

4.50%,

11/1/2052

284,090

274,710

Pool#

SD2245

5.50%,

12/1/2052

95,516

95,956

Pool#

QF4924

6.00%,

12/1/2052

170,440

175,625

Pool#

SD2474

5.50%,

1/1/2053

91,236

91,716

Pool#

SD2384

6.50%,

2/1/2053

434,560

446,281

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD2452

6.50%,

2/1/2053

181,422

186,102

Pool#

SD2578

6.00%,

3/1/2053

92,265

93,682

Pool#

RA8694

5.00%,

4/1/2053

381,538

380,157

Pool#

QG2834

5.00%,

4/1/2053

93,527

92,361

Pool#

SD2688

5.50%,

4/1/2053

285,075

287,071

Pool#

SD2763

5.50%,

4/1/2053

187,702

188,421

Pool#

QG1295

5.50%,

4/1/2053

97,899

98,264

Pool#

SD2762

5.50%,

5/1/2053

287,747

289,821

Pool#

SD2856

5.50%,

5/1/2053

94,193

94,664

Pool#

SD3382

5.00%,

6/1/2053

192,237

189,941

Pool#

SD3432

6.00%,

7/1/2053

95,303

97,645

Pool#

SD3900

5.50%,

8/1/2053

386,262

387,887

Pool#

SD3642

6.00%,

9/1/2053

194,501

200,187

FNMA

Pool#

BF0301

,

4.50%,

8/1/2058

280,214

272,954

FNMA

UMBS

Pool

Pool#

MA4422

2.00%,

9/1/2041

1,300,634

1,107,592

Pool#

MA4446

2.00%,

10/1/2041

409,460

348,425

Pool#

MA4474

2.00%,

11/1/2041

166,698

142,300

Pool#

MA4540

2.00%,

2/1/2042

86,050

73,233

Pool#

MA4570

2.00%,

3/1/2042

87,139

73,881

Pool#

MA4606

2.00%,

5/1/2042

89,621

75,985

Pool#

FM3049

4.00%,

4/1/2044

358,659

344,520

Pool#

FS4448

4.00%,

12/1/2044

91,513

87,949

Pool#

FS1248

3.00%,

2/1/2047

1,051,808

954,763

Pool#

CA2472

4.00%,

10/1/2048

168,897

161,369

Pool#

CA5371

4.00%,

3/1/2050

162,686

154,455

Pool#

BQ3331

2.00%,

8/1/2050

150,866

122,824

Pool#

CA7257

2.50%,

10/1/2050

143,791

122,996

Pool#

FM5313

2.50%,

10/1/2050

78,998

67,264

Pool#

BR4052

2.00%,

2/1/2051

148,560

121,303

Pool#

CA8955

2.50%,

2/1/2051

400,645

339,258

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS1631

2.50%,

2/1/2051

262,035

221,998

Pool#

BU2591

2.00%,

12/1/2051

362,539

292,465

Pool#

FS4314

2.00%,

3/1/2052

94,350

77,006

Pool#

FS0957

3.00%,

3/1/2052

707,377

619,606

Pool#

CB3234

3.00%,

4/1/2052

355,090

312,734

Pool#

BV5405

4.00%,

4/1/2052

82,396

78,289

Pool#

CB3880

5.00%,

6/1/2052

85,139

84,763

Pool#

BW0048

5.00%,

7/1/2052

166,740

165,464

Pool#

CB4418

5.50%,

8/1/2052

81,973

82,220

Pool#

BX0553

5.50%,

10/1/2052

90,047

90,510

Pool#

BX2186

4.50%,

11/1/2052

477,565

461,766

Pool#

FS3977

4.50%,

11/1/2052

372,658

360,513

Pool#

FS3813

4.50%,

11/1/2052

114,496

110,715

Pool#

CB5108

5.50%,

11/1/2052

748,896

752,634

Pool#

CB5156

6.50%,

11/1/2052

88,269

91,306

Pool#

CB5892

4.50%,

3/1/2053

94,954

91,830

Pool#

FS4454

6.00%,

4/1/2053

92,811

94,271

Pool#

FS4524

5.00%,

5/1/2053

95,944

94,798

Pool#

FS4573

6.00%,

5/1/2053

284,002

289,813

Pool#

FS5647

5.50%,

7/1/2053

193,303

194,746

Pool#

FS5306

6.00%,

7/1/2053

95,433

98,540

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

2/25/2054

1,200,000

1,050,187

3.50%,

2/25/2054

400,000

364,030

4.00%,

2/25/2054

200,000

188,246

4.50%,

2/25/2054

3,000,000

2,900,389

5.00%,

2/25/2054

7,200,000

7,105,685

5.50%,

2/25/2054

3,700,000

3,710,532

GNMA

I

Pool

Pool#

783669

,

3.00%,

9/15/2042

47,432

43,331

GNMA

II

Pool

Pool#

784106

3.50%,

1/20/2046

74,941

70,190

Pool#

MA5192

4.00%,

5/20/2048

107,674

103,490

Pool#

MA5194

5.00%,

5/20/2048

109,509

110,373

Pool#

MA5265

4.50%,

6/20/2048

316,000

311,623

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784985

3.50%,

9/20/2048

46,297

43,194

Pool#

MA5530

5.00%,

10/20/2048

123,571

124,451

Pool#

MA5597

5.00%,

11/20/2048

250,407

252,512

Pool#

MA5711

4.50%,

1/20/2049

947,294

933,735

Pool#

MA5817

4.00%,

3/20/2049

61,592

59,104

Pool#

MA5876

4.00%,

4/20/2049

49,204

47,216

Pool#

MA5878

5.00%,

4/20/2049

154,078

154,819

Pool#

MA6287

5.00%,

11/20/2049

48,083

48,455

Pool#

BS1728

4.00%,

1/20/2050

35,461

34,530

Pool#

MA6413

5.00%,

1/20/2050

71,614

72,111

Pool#

BM7534

3.50%,

2/20/2050

55,611

51,286

Pool#

BS1742

4.00%,

2/20/2050

31,076

30,189

Pool#

BS1757

4.00%,

3/20/2050

29,470

28,697

Pool#

BS8420

4.00%,

4/20/2050

119,346

114,101

Pool#

BT1888

2.50%,

12/20/2050

233,945

202,211

Pool#

BS8546

2.50%,

12/20/2050

140,156

118,674

Pool#

MA7192

2.00%,

2/20/2051

409,982

341,741

Pool#

CD8312

2.50%,

5/20/2051

144,870

123,963

Pool#

MA7648

Pool#

786082

3.00%,

11/20/2051

84,764

76,035

Pool#

MA7768

3.00%,

12/20/2051

1

1

Pool#

BZ4383

3.00%,

1/20/2052

129,689

114,533

Pool#

785944

3.00%,

2/20/2052

430,671

385,922

Pool#

786843

3.00%,

3/20/2052

191,581

169,898

Pool#

786107

3.00%,

3/20/2052

83,972

75,299

Pool#

786077

3.00%,

3/20/2052

81,190

72,604

Pool#

786429

4.00%,

6/20/2052

92,979

88,760

Pool#

MA8100

4.00%,

6/20/2052

91,340

86,744

Pool#

CK9592

4.00%,

6/20/2052

89,587

85,315

Pool#

MA8197

2.50%,

8/20/2052

525,784

454,683

Pool#

MA8428

5.00%,

11/20/2052

469,864

466,757

66

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

463,447

466,784

Pool#

MA8569

5.00%,

1/20/2053

476,257

473,358

Pool#

786474

5.00%,

1/20/2053

94,070

94,116

Pool#

MA8642

2.50%,

2/20/2053

842,765

729,198

Pool#

MA8726

5.50%,

3/20/2053

191,524

192,773

Pool#

MA8798

4.00%,

4/20/2053

96,428

91,576

Pool#

MA8801

5.50%,

4/20/2053

193,347

194,596

Pool#

786823

5.50%,

7/20/2053

98,711

100,118

Pool#

786835

5.50%,

8/20/2053

197,698

200,632

GNMA

TBA

4.00%,

2/15/2054

800,000

759,982

4.50%,

2/15/2054

3,000,000

2,920,720

5.00%,

2/15/2054

4,600,000

4,569,418

5.50%,

2/15/2054

3,800,000

3,824,306

Total

Mortgage-Backed

Securities

(cost

$54,953,241)

54,612,974

Purchased

Options

0.0%

†

Number

of

Contracts

Put

Options

0.0%

†

Equity

Funds

0.0%

†

SPDR

S&P

500

ETF

Trust

3/15/2024

at

USD

432.00,

American

Style,

Notional

Amount:

USD

22,852,800

JPMorgan

Chase

Bank

NA*

529

56,304

0

Future

Interest

Rate

Options

0.0%

†

3

Month

SOFR

4/12/2024

at

USD

94.75,

American

Style,

Notional

Amount:

USD

21,750,000

Exchange

Traded*

87

1,631

3

Month

SOFR

12/13/2024

at

USD

96.00,

American

Style,

Notional

Amount:

USD

26,000,000

Exchange

Traded*

104

92,950

0

94,581

Call

Options

0.0%

†

Future

Interest

Rate

Options

0.0%

†

3

Month

SOFR

6/14/2024

at

USD

95.13,

American

Style,

Notional

Amount:

USD

7,250,000

Exchange

Traded*

29

25,375

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

SOFR

9/13/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

17,100

3

Month

SOFR

6/14/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

6,525

3

Month

SOFR

9/12/2025

at

USD

96.63,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

55,894

3

Month

SOFR

6/13/2025

at

USD

96.63,

American

Style,

Notional

Amount:

USD

8,750,000

Exchange

Traded*

35

51,406

3

Month

SOFR

3/14/2025

at

USD

96.50,

American

Style,

Notional

Amount:

USD

8,750,000

Exchange

Traded*

35

44,406

3

Month

SOFR

3/14/2025

at

USD

97.25,

American

Style,

Notional

Amount:

USD

31,250,000

Exchange

Traded*

125

82,031

3

Month

SOFR

12/13/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

34,750,000

Exchange

Traded*

139

57,337

3

Month

SOFR

12/13/2024

at

USD

96.25,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

34,856

3

Month

SOFR

9/13/2024

at

USD

95.25,

American

Style,

Notional

Amount:

USD

6,500,000

Exchange

Traded*

26

42,737

3

Month

SOFR

9/13/2024

at

USD

96.00,

American

Style,

Notional

Amount:

USD

8,250,000

Exchange

Traded*

33

23,512

3

Month

SOFR

9/13/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

20,500,000

Exchange

Traded*

82

15,888

3

Month

SOFR

6/14/2024

at

USD

97.25,

American

Style,

Notional

Amount:

USD

13,750,000

Exchange

Traded*

55

4,125

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

67

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

SOFR

6/14/2024

at

USD

97.75,

American

Style,

Notional

Amount:

USD

32,000,000

Exchange

Traded*

128

7,200

3

Month

SOFR

3/15/2024

at

USD

97.75,

American

Style,

Notional

Amount:

USD

36,250,000

Exchange

Traded*

145

906

3

Month

SOFR

3/15/2024

at

USD

95.38,

American

Style,

Notional

Amount:

USD

3,000,000

Exchange

Traded*

12

525

3

Month

SOFR

3/15/2024

at

USD

95.00,

American

Style,

Notional

Amount:

USD

13,000,000

Exchange

Traded*

52

5,200

3

Month

SOFR

12/12/2025

at

USD

97.50,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

7,988

3

Month

SOFR

9/12/2025

at

USD

97.50,

American

Style,

Notional

Amount:

USD

2,500,000

Exchange

Traded*

10

8,125

3

Month

SOFR

6/13/2025

at

USD

97.25,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

7,763

3

Month

SOFR

3/14/2025

at

USD

97.00,

American

Style,

Notional

Amount:

USD

1,750,000

Exchange

Traded*

7

5,731

3

Month

SOFR

6/14/2024

at

USD

98.50,

American

Style,

Notional

Amount:

USD

4,250,000

Exchange

Traded*

17

638

3

Month

SOFR

6/12/2026

at

USD

96.75,

American

Style,

Notional

Amount:

USD

1,000,000

Exchange

Traded*

4

6,850

3

Month

SOFR

3/13/2026

at

USD

96.75,

American

Style,

Notional

Amount:

USD

1,000,000

Exchange

Traded*

4

6,775

3

Month

SOFR

12/12/2025

at

USD

96.50,

American

Style,

Notional

Amount:

USD

750,000

Exchange

Traded*

3

5,963

Purchased

Options

Number

of

Contracts

Value

($)

Call

Options

Future

Interest

Rate

Options

3

Month

SOFR

9/12/2025

at

USD

96.50,

American

Style,

Notional

Amount:

USD

750,000

Exchange

Traded*

3

5,569

3

Month

SOFR

6/13/2025

at

USD

96.25,

American

Style,

Notional

Amount:

USD

750,000

Exchange

Traded*

3

5,869

3

Month

SOFR

3/14/2025

at

USD

98.00,

American

Style,

Notional

Amount:

USD

2,250,000

Exchange

Traded*

9

2,869

3

Month

SOFR

12/13/2024

at

USD

98.00,

American

Style,

Notional

Amount:

USD

3,250,000

Exchange

Traded*

13

2,600

U.S.

Treasury

5

Year

Note

2/23/2024

at

USD

108.25,

American

Style,

Notional

Amount:

USD

5,400,000

Exchange

Traded*

54

32,484

U.S.

Treasury

5

Year

Note

2/23/2024

at

USD

109.00,

American

Style,

Notional

Amount:

USD

5,500,000

Exchange

Traded*

55

16,758

0

591,005

Software

0.0%

†

MicroStrategy,

Inc.

2/16/2024

at

USD

700.00,

European

Style,

Notional

Amount:

USD

1,750,000

Goldman

Sachs*

25

6,069

0

Total

Purchased

Options

(cost

$2,330,516)

747,959

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Achillion

Pharmaceuticals,

Inc.,

CVR*^∞

5,788

0

Aduro

Biotech,

Inc.

CVR*^∞

429

0

Akouos,

Inc.,

CVR*^∞(d)

134

0

Albireo

Pharma,

Inc.,

CVR*^∞

131

0

Cartesian

Therapeutics,

Inc.*∞(d)

8,244

1,484

Chinook

Therapeutics,

Inc.,

CVR*^∞

2,669

0

Mirati

Therapeutics,

Inc.,

CVR*∞

249

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞

31

0

Radius

Health,

Inc.,

CVR*^∞

294

0

1,484

68

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Rights

Number

of

Rights

Value

($)

Capital

Markets

0.0%

†

Pershing

Square

Holdings

Gp

LLC,9/29/2033*∞

297

0

Diversified

Consumer

Services

0.0%

†

Jounce

Therapeutics,

Inc.

CVR*^∞

510

0

Health

Care

Equipment

&

Supplies

0.0%

†

ABIOMED,

Inc.,

CVR*^∞

2,271

0

IT

Services

0.0%

†

Flexion,

Inc.*^∞

1,208

0

Paper

&

Forest

Products

0.0%

†

Resolute

Forest

Products,

Inc.,

CVR*^∞

289

0

Pharmaceuticals

0.0%

†

CinCor

Pharma,

Inc.,

CVR*^∞

103

0

Total

Rights

(cost

$17,320)

1,484

U.S.

Treasury

Obligations

1.5%

Principal

Amount

($)

U.S.

Treasury

Bonds

1.38%,

11/15/2040

1,660,000

1,084,447

4.38%,

8/15/2043

100,000

100,719

4.75%,

11/15/2043

(d)

660,000

698,672

3.00%,

2/15/2049

180,000

143,001

2.88%,

5/15/2049

400,000

310,219

1.38%,

8/15/2050

2,770,000

1,490,390

1.63%,

11/15/2050

1,860,500

1,071,314

2.38%,

5/15/2051

690,000

477,555

1.88%,

11/15/2051

1,785,300

1,090,916

2.25%,

2/15/2052

151,000

101,353

3.00%,

8/15/2052

1,820,000

1,443,274

4.00%,

11/15/2052

1,680,000

1,614,112

3.63%,

2/15/2053

(d)

1,205,300

1,082,133

4.13%,

8/15/2053

1,450,000

1,425,758

4.75%,

11/15/2053

720,000

786,150

U.S.

Treasury

Inflation

Linked

Notes,

1.13%,

1/15/2033

(f)

4,210,000

4,128,533

U.S.

Treasury

Notes

4.25%,

12/31/2025

(d)

910,000

910,071

4.63%,

11/15/2026

270,000

274,134

4.88%,

10/31/2028

170,000

177,172

3.25%,

6/30/2029

60,000

58,099

4.88%,

10/31/2030

8,220,000

8,677,238

4.38%,

11/30/2030

13,830,000

14,197,360

4.00%,

1/31/2031

6,950,000

6,985,836

3.88%,

8/15/2033

20,000

19,881

Total

U.S.

Treasury

Obligations

(cost

$51,113,665)

48,348,337

Warrants

0.0%

†

Number

of

Warrants

Marine

Transportation

0.0%

†

Diana

Shipping,

Inc.,

expiring

12/14/2026

*

84

42

Warrants

(continued)

Number

of

Warrants

Value

($)

Pharmaceuticals

0.0%

†

Cassava

Sciences,

Inc.,

expiring

11/15/2024

*

856

5,949

Total

Warrants

(cost

$0)

5,991

Short-Term

Investments

6.8%

Principal

Amount

($)

Value

($)

Commercial

Paper

6.5%

Bank

of

China

Ltd.,

5.86%,

2/5/2024

7,500,000

7,494,391

Brookfield

Infrastructure

Holdings

Canada,

Inc.,

6.29%,

3/14/2024

13,900,000

13,806,714

Corp

Andina

de

Fomento,

5.46%,

4/3/2024(a)

22,850,000

22,632,108

Credit

Agricole

Corporate

and

Investment

Bank,

5.27%,

2/1/2024

26,400,000

26,396,119

Crown

Castle

Corp.,

5.88%,

2/22/2024

12,750,000

12,704,589

General

Motors

Financial

Co.,

Inc.,

5.89%,

2/7/2024

24,050,000

24,024,467

Glencore

Funding

LLC

5.72%,

2/6/2024(a)

5,000,000

4,995,393

5.73%,

2/7/2024(a)

20,000,000

19,978,494

Intesa

Sanpaolo

Funding

LLC,

5.65%,

3/11/2024

25,550,000

25,386,575

McKesson

Corp.,

5.61%,

2/28/2024(a)

12,750,000

12,694,795

Parker-Hannifin

Corp.,

5.46%,

3/26/2024

11,450,000

11,352,418

Rogers

Communications,

Inc.,

5.75%,

2/15/2024(a)

6,250,000

6,235,724

VW

Credit,

Inc.,

5.85%,

2/15/2024(a)

5,000,000

4,988,579

Wgl

Holdings,

Inc.,

5.96%,

2/8/2024

600,000

599,276

White

Plains

Capital

Co.

LLC,

5.95%,

3/22/2024(a)

13,550,000

13,440,507

206,730,149

U.S.

Treasury

Obligations

0.3%

U.S.

Treasury

Bills

5.28%,

2/1/2024

1,240,000

1,240,000

5.31%,

2/15/2024

1,360,000

1,357,225

0.00%,

5/2/2024

4,170,000

4,115,082

5.41%,

5/16/2024(d)

3,270,000

3,220,564

Total

U.S.

Treasury

Obligations

(cost

$9,932,027)

9,932,871

Total

Short-Term

Investments

(cost

$216,688,749)

216,663,020

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

69

V1

Repurchase

Agreements

1.5%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$7,494,431,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$7,644,319.

(g)

7,493,325

7,493,325

Goldman

Sachs

Repurchase

Agreement

Fixed

5.25%

Dtd

0.53%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,500,051,

collateralized

by

U.S.

Government

Treasury

Securities,

1.88%,

maturing

2/15/2051;

total

market

value

$5,740,000.

3,500,000

3,500,000

Natixis

Securities

Americas

LLC

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$30,004,409,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

4.13%,

maturing

2/15/2024

-

2/15/2033;

total

market

value

$30,604,497.

(g)

30,000,000

30,000,000

Nomura

Securities

International,

Inc.

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$6,000,882,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

5/31/2025

-

2/15/2050;

total

market

value

$6,120,002.

(g)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$46,993,325)

46,993,325

Total

Investments

(cost

$2,185,093,569)

—

91.1%

2,901,902,957

Other

assets

in

excess

of

liabilities

—

8.9%

285,125,738

NET

ASSETS

—

100.0%

$

3,187,028,695

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$222,299,271

which

represents

6.98%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$144,165,193,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$43,493,325

and

by

$106,536,071

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$150,029,396.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(f)

Principal

amounts

are

not

adjusted

for

inflation.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$43,493,325.

CDO

Collateralized

Debt

Obligations

CLO

Collateralized

Loan

Obligations

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

IO

Interest

only

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

70

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

January

31,

2024

1

:

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

41-V2

5.00

Quarterly

12/20/2028

3.59

USD

4,185,000

27,010

231,262

258,272

Markit

CDX

North

American

Investment

Grade

Index

Series

41-V1

1.00

Quarterly

12/20/2028

0.56

USD

11,628,300

143,326

95,595

238,921

Total

unrealized

depreciation

170,336

326,857

497,193

1

The

Fund,

as

a

seller

of

credit

protection,

receives

periodic

payments

and

any

upfront

premium

from

the

protection

buyer,

and

the

Fund

is

obligated

to

make

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

71

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

January

31,

2024

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

3.54%

annually

Rec

10/31/2030

USD

10,875,000

12,119

2,524

14,643

1

Day

SOFR

annually

3.05%

annually

Rec

2/15/2048

USD

3,058,000

137,510

195,188

332,698

1

Day

SOFR

annually

2.97%

annually

Rec

6/29/2055

USD

2,685,000

(4,863)

209,851

204,988

1

Day

SOFR

annually

2.60%

annually

Rec

10/14/2027

USD

4,963,000

64,510

166,834

231,344

1

Day

SOFR

annually

2.60%

annually

Rec

2/15/2048

USD

6,895,000

453,395

822,782

1,276,177

1

Day

SOFR

annually

3.15%

annually

Rec

5/15/2048

USD

9,046,000

74

790,738

790,812

Total

unrealized

appreciation

662,745

2,187,917

2,850,662

1

Day

SOFR

annually

3.53%

annually

Rec

10/31/2030

USD

8,265,000

35,840

(19,233)

16,607

1

Day

SOFR

annually

3.13%

annually

Pay

6/29/2030

USD

11,272,000

3,042

(105,122)

(102,080)

1

Day

SOFR

annually

2.77%

annually

Pay

10/14/2024

USD

11,959,000

(28,214)

(248,246)

(276,460)

Total

unrealized

depreciation

10,668

(372,601)

(361,933)

Net

unrealized

appreciation

673,413

1,815,316

2,488,729

–

–

–

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)

*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Chesapeake

Energy

Corp.

Decrease

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0.1%

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

926,948

—

1,974

1,974

Goldman

Sachs

Volatility

Carry

Strategy

Index^∞

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

8/26/2024

USD

3,469,320

—

34,350

34,350

Goldman

Sachs

Volatility

Carry

Strategy

Index^∞

SOFR

USD

SOFR

+

0%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

8/27/2024

USD

6,954,527

—

68,856

68,856

Hess

Corp.

SOFR

USD

SOFR

+

0%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

858,228

—

12,252

12,252

72

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

NeoGames

SA

SOFR

USD

SOFR

+

0.35%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

88,272

—

104

104

NeoGames

SA

SOFR

USD

SOFR

+

0.35%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

88,272

—

104

104

Pioneer

Natural

Resources

Co.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

788,760

—

41,193

41,193

Pioneer

Natural

Resources

Co.

SOFR

USD

SOFR

+

0%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

516,030

—

26,987

26,987

Pioneer

Natural

Resources

Co.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

496,409

—

25,925

25,925

Provident

Financial

Services,

Inc.

Decrease

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0%

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

152,186

—

8,971

8,971

Provident

Financial

Services,

Inc.

Decrease

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0%

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

151,574

—

8,336

8,336

Russell

1000

Index

FEDERAL_

FUNDS_

H15

USD

FEDERAL_

FUNDS_

H15

+

0.51%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/1/2024

USD

430,349,457

—

3,987,184

3,987,184

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

73

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Russell

3000

Index

SOFR

USD

SOFR

+

0.38%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

11/12/2024

USD

435,667,449

—

4,669,269

4,669,269

SP

Plus

Corp.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

695,320

—

2,943

2,943

SP

Plus

Corp.

SOFR

USD

SOFR

+

0%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

268,103

—

1,154

1,154

Splunk,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

540,158

—

1,543

1,543

Total

unrealized

appreciation

—

8,891,145

8,891,145

Albertsons

Cos.,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

251,810

—

(11,234)

(11,234)

Albertsons

Cos.,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

340,346

—

(15,184)

(15,184)

Albertsons

Cos.,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

517,262

—

(23,076)

(23,076)

Amedisys,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

426,904

—

(4,576)

(4,576)

74

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Amedisys,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

486,246

—

(5,213)

(5,213)

Amedisys,

Inc.

SOFR

USD

SOFR

+

0.4%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

979,245

—

(10,569)

(10,569)

Amedisys,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

528,626

—

(3,530)

(3,530)

Axonics,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

529,654

—

(4,966)

(4,966)

Capri

Holdings

Ltd.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

748,724

—

(30,862)

(30,862)

Cerevel

Therapeutics

Holdings,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

540,213

—

(9,579)

(9,579)

ImmunoGen,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2024

USD

352,508

—

(4,391)

(4,391)

ImmunoGen,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

353,845

—

(4,646)

(4,646)

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

75

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Karuna

Therapeutics,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

1,051,293

—

(13,148)

(13,148)

Lakeland

Bancorp,

Inc.

SOFR

USD

SOFR

+

0.3%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

148,999

—

(10,749)

(10,749)

Lakeland

Bancorp,

Inc.

SOFR

USD

SOFR

+

0.3%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Bank

of

America

NA

4/17/2025

USD

149,694

—

(11,469)

(11,469)

National

Western

Life

Group,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

710,797

—

(843)

(843)

Olink

Holding

AB

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

357,817

—

(8,349)

(8,349)

Russell

1000

Index

Decrease

in

total

return

of

reference

entity

1

Day

USD

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/1/2024

USD

4,044,545

—

(39,830)

(39,830)

Russell

1000

Index

Decrease

in

total

return

of

reference

entity

1

Day

USD

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/1/2024

USD

5,031,019

—

(46,612)

(46,612)

Russell

1000

Index

Decrease

in

total

return

of

reference

entity

1

Day

USD

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/1/2024

USD

10,127,804

—

(93,834)

(93,834)

Russell

3000

Index

SOFR

USD

SOFR

+

0.42%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Goldman

Sachs

7/23/2024

USD

216,864,643

—

(25,252)

(25,252)

76

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Notional

Amount

Upfront

Payments

(Receipts)

($)*

Unrealized

Appreciation    

(Depreciation)

($)

Value

($)

Russell

3000

Index

SOFR

USD

SOFR

+

0.47%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/23/2024

USD

72,462,212

—

(9,233)

(9,233)

S&P

500

Total

Return

Index

Decrease

in

total

return

of

reference

entity

1

Day

USD

SOFR

-

0.47%

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/23/2024

USD

72,744,441

—

(10,075)

(10,075)

Southwestern

Energy

Co.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

899,835

—

(7,431)

(7,431)

Sovos

Brands,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

343,256

—

(1,150)

(1,150)

Sovos

Brands,

Inc.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

Morgan

Stanley

Capital

Services,

Inc.

4/17/2024

USD

676,222

—

(2,266)

(2,266)

United

States

Steel

Corp.

SOFR

USD

SOFR

+

0.2%

Decrease

in

total

return

of

reference

entity

Increase

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/17/2025

USD

348,132

—

(2,242)

(2,242)

Total

unrealized

depreciation

—

(410,309)

(410,309)

Net

unrealized

appreciation

—

8,480,836

8,480,836

*

There

are

no

upfront

payments

(receipts)

on

the

swap

contracts

listed

above.

∞

Fair

valued

security.

^

Value

determined

using

significant

unobservable

inputs.

As

of

January

31,

2024,

the

Fund

had

$4,585,800

segregated

as

collateral

for

swap

contracts.

Abbreviation

:

SOFR

Secured

Overnight

Financing Rate

Currency:

USD

United

States

dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

77

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

2,330,803

JPY

326,000,000

Morgan

Stanley

Co.,

Inc.

3/21/2024

98,867

USD

121,765,719

JPY

17,331,000,000

Royal

Bank

of

Canada

3/21/2024

3,110,222

USD

164,195

EUR

149,000

Citibank

NA

4/19/2024

2,642

USD

93,816

MXN

1,612,825

JPMorgan

Chase

Bank

NA

4/19/2024

1,297

Total

unrealized

appreciation

3,213,028

JPY

740,000,000

USD

5,206,007

Morgan

Stanley

Co.,

Inc.

3/21/2024

(139,648)

USD

4,789,400

JPY

702,000,000

Royal

Bank

of

Canada

3/21/2024

(16,794)

CAD

1,690,916

USD

1,263,479

Goldman

Sachs

Bank

4/19/2024

(4,519)

JPY

282,741,620

USD

1,984,305

Goldman

Sachs

Bank

4/19/2024

(39,904)

Total

unrealized

depreciation

(200,865)

Net

unrealized

appreciation

3,012,163

Currency:

CAD

Canadian

dollar

EUR

Euro

JPY

Japanese

yen

MXN

Mexican

peso

USD

United

States

dollar

78

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

a

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

40

3/2024

EUR

2,016,586

39,014

Euro-Bobl

21

3/2024

EUR

2,690,003

19,757

NASDAQ

100

E-Mini

Index

91

3/2024

USD

31,380,895

370,137

NASDAQ

100

Micro

E-Mini

Index

52

3/2024

USD

1,793,194

36,231

Russell

2000

E-Mini

Index

269

3/2024

USD

26,306,855

731,553

Russell

2000

E-Mini

Index

328

3/2024

USD

32,076,760

633,788

S&P

500

E-Mini

Index

288

3/2024

USD

70,135,200

2,210,563

S&P

500

Micro

E-Mini

Index

602

3/2024

USD

14,660,205

(233,410)

TOPIX

Index

9

3/2024

JPY

1,561,455

124,692

U.S.

Treasury

5

Year

Note

143

3/2024

USD

15,499,859

157,064

U.S.

Treasury

10

Year

Note

223

3/2024

USD

25,049,172

400,258

U.S.

Treasury

10

Year

Note

474

3/2024

USD

53,243,531

809,298

U.S.

Treasury

Long

Bond

4

3/2024

USD

489,375

870

U.S.

Treasury

Ultra

Bond

72

3/2024

USD

9,303,750

127,570

U.S.

Treasury

Ultra

Bond

154

3/2024

USD

19,899,687

1,187,581

3

Month

SOFR

149

3/2025

USD

35,825,188

181,355

3

Month

SOFR

347

3/2026

USD

83,974,000

576,610

Total

long

contracts

7,372,931

Short

Contracts

3

Month

SOFR

(287)

3/2024

USD

(67,907,788)

320,625

NASDAQ

100

Micro

E-Mini

Index

(40)

3/2024

USD

(1,379,380)

3,111

Russell

2000

E-Mini

Index

(38)

3/2024

USD

(371,621)

(2,149)

Russell

2000

E-Mini

Index

(3)

3/2024

USD

(293,385)

6,253

S&P

500

Micro

E-Mini

Index

(34)

3/2024

USD

(827,985)

(12,614)

TOPIX

Index

(673)

3/2024

JPY

(116,762,162)

(8,909,638)

U.S.

Treasury

2

Year

Note

(670)

3/2024

USD

(137,789,688)

(1,157,417)

U.S.

Treasury

5

Year

Note

(1,932)

3/2024

USD

(209,410,688)

(4,248,459)

U.S.

Treasury

10

Year

Ultra

Note

(118)

3/2024

USD

(13,791,250)

(500,892)

U.S.

Treasury

Long

Bond

(149)

3/2024

USD

(18,229,219)

(886,307)

XAP

Consumer

Staples

Index

(6)

3/2024

USD

(443,040)

(1,172)

3

Month

SOFR

(34)

6/2024

USD

(8,067,775)

(29,030)

Total

short

contracts

(15,417,689)

Net

contracts

(8,044,758)

As

of

January

31,

2024,

the

Fund

had

$15,020,703

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

79

Written

Call

Options

Contracts

as

of

January

31,

2024

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

SOFR

Exchange

Traded

104

USD

26,000,000

USD

97.13

12/13/2024

(48,100)

MicroStrategy,

Inc.

Goldman

Sachs

Bank

USA

25

USD

2,000,000

USD

800.00

2/16/2024

(2,620)

SPDR

S&P

500

ETF

Trust

JPMorgan

Chase

Bank

NA

529

USD

26,450,000

USD

500.00

3/15/2024

(93,171)

U.S.

Treasury

30

Year

Bond

Exchange

Traded

18

USD

1,800,000

USD

122.00

2/23/2024

(28,969)

Total

written

call

options

contracts

(172,860)

Written

Put

Options

Contracts

as

of

January

31,

2024

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

3

Month

SOFR

Exchange

Traded

104

USD

26,000,000

USD

95.50

12/13/2024

(39,650)

SPDR

S&P

500

ETF

Trust

JPMorgan

Chase

Bank

NA

529

USD

21,424,500

USD

405.00

3/15/2024

(27,489)

Total

written

put

options

contracts

(67,139)

Total

Written

Options

Contracts

(Premiums

Received

($360,154))

(239,999)

Currency:

USD

United

States

dollar

Written

Swaptions

Description

Rate

Paid

by

the

Fund

Rate

Received

by

the

Fund

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount

Value($)

Put

11-Year

Interest

Rate

Swap

5.00%

annually

1

Day

SOFR

annually

Citigroup

Global

Markets

Ltd.

10/07/2024

5.00

%

USD

3,528,000

(10,095)

Total

Written

Swaptions

(Premiums

Received

(82,908))

(10,095)

Currency:

USD

United

States

dollar

80

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

81

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

65,969,674

$

–

$

65,969,674

Closed

End

Funds

15,456

–

–

15,456

Collateralized

Mortgage

Obligations

–

31,033,963

–

31,033,963

Commercial

Mortgage-Backed

Securities

–

28,113,124

–

28,113,124

  Common

Stocks

Aerospace

&

Defense

30,617,051

–

–

30,617,051

Air

Freight

&

Logistics

8,466,441

–

–

8,466,441

Automobile

Components

3,529,207

–

–

3,529,207

Automobiles

27,457,894

–

–

27,457,894

Banks

72,760,098

–

–

72,760,098

Beverages

26,364,943

–

–

26,364,943

Biotechnology

49,888,402

–

–

49,888,402

Broadline

Retail

62,419,965

2,719,208

–

65,139,173

Building

Products

13,477,689

–

–

13,477,689

Capital

Markets

61,217,762

–

–

61,217,762

Chemicals

31,191,749

9,312,602

–

40,504,351

Commercial

Services

&

Supplies

13,490,085

–

–

13,490,085

Communications

Equipment

15,942,690

–

–

15,942,690

Construction

&

Engineering

4,924,755

–

–

4,924,755

Construction

Materials

4,510,418

–

–

4,510,418

Consumer

Finance

11,452,926

–

–

11,452,926

Consumer

Staples

Distribution

&

Retail

34,598,725

–

–

34,598,725

Containers

&

Packaging

5,784,551

–

4,233

5,788,784

Distributors

1,995,931

–

–

1,995,931

Diversified

Consumer

Services

2,385,389

–

–

2,385,389

Diversified

REITs

1,147,817

–

–

1,147,817

Diversified

Telecommunication

Services

14,040,579

–

–

14,040,579

Electric

Utilities

27,044,727

–

–

27,044,727

Electrical

Equipment

14,090,786

4,183,049

–

18,273,835

Electronic

Equipment,

Instruments

&

Components

13,375,301

8,348,233

–

21,723,534

Energy

Equipment

&

Services

8,779,696

–

–

8,779,696

Entertainment

25,990,857

5,348,713

–

31,339,570

Financial

Services

84,772,964

4,531,685

–

89,304,649

Food

Products

17,445,906

5,144,227

–

22,590,133

Gas

Utilities

2,006,950

–

–

2,006,950

Ground

Transportation

22,326,590

–

–

22,326,590

Health

Care

Equipment

&

Supplies

50,878,857

9,627,693

–

60,506,550

Health

Care

Providers

&

Services

52,727,112

–

–

52,727,112

Health

Care

REITs

4,575,213

–

–

4,575,213

Health

Care

Technology

2,466,757

–

–

2,466,757

Hotel

&

Resort

REITs

1,668,864

–

–

1,668,864

Hotels,

Restaurants

&

Leisure

44,870,329

–

–

44,870,329

Household

Durables

10,427,199

7,716,612

–

18,143,811

Household

Products

23,086,997

3,877,182

–

26,964,179

Independent

Power

and

Renewable

Electricity

Producers

1,639,642

–

–

1,639,642

Industrial

Conglomerates

14,068,565

5,388,570

–

19,457,135

Industrial

REITs

7,138,477

–

–

7,138,477

Insurance

46,108,049

5,276,869

–

51,384,918

Interactive

Media

&

Services

105,669,865

–

–

105,669,865

IT

Services

30,548,099

10,431,017

–

40,979,116

Leisure

Products

1,552,958

–

–

1,552,958

Life

Sciences

Tools

&

Services

28,313,772

–

–

28,313,772

Machinery

39,182,703

4,318,923

–

43,501,626

Marine

Transportation

551,114

–

–

551,114

Media

16,081,731

–

–

16,081,731

Metals

&

Mining

11,351,852

–

–

11,351,852

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,271,251

–

–

2,271,251

Multi-Utilities

11,224,844

–

–

11,224,844

82

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

Level

1

Level

2

Level

3

Total

Assets:

Office

REITs

$

2,852,097

$

–

$

–

$

2,852,097

Oil,

Gas

&

Consumable

Fuels

66,895,096

–

–

66,895,096

Paper

&

Forest

Products

207,262

–

–

207,262

Passenger

Airlines

3,321,703

–

–

3,321,703

Personal

Care

Products

4,148,236

–

–

4,148,236

Pharmaceuticals

71,613,701

3,802,426

–

75,416,127

Professional

Services

19,522,020

5,509,732

–

25,031,752

Real

Estate

Management

&

Development

4,449,658

–

–

4,449,658

Residential

REITs

7,227,039

–

–

7,227,039

Retail

REITs

7,189,304

–

–

7,189,304

Semiconductors

&

Semiconductor

Equipment

153,800,459

7,542,806

–

161,343,265

Software

223,270,797

–

–

223,270,797

Specialized

REITs

20,429,685

–

–

20,429,685

Specialty

Retail

42,353,268

11,295,996

–

53,649,264

Technology

Hardware,

Storage

&

Peripherals

122,068,646

–

–

122,068,646

Textiles,

Apparel

&

Luxury

Goods

11,168,669

3,673,827

–

14,842,496

Tobacco

9,349,749

–

–

9,349,749

Trading

Companies

&

Distributors

11,252,746

–

–

11,252,746

Water

Utilities

1,850,207

–

–

1,850,207

Wireless

Telecommunication

Services

3,901,272

5,988

–

3,907,260

Total

Common

Stocks

$

2,006,774,708

$

118,055,358

$

4,233

$

2,124,834,299

Corporate

Bonds

–

205,097,991

–

205,097,991

Credit

Default

Swaps†

–

326,857

–

326,857

Exchange

Traded

Funds

75,366,728

–

–

75,366,728

Foreign

Government

Securities

–

4,098,632

–

4,098,632

Forward

Foreign

Currency

Contracts

–

3,213,028

–

3,213,028

Futures

Contracts

7,936,330

–

–

7,936,330

Interest

Rate

Swaps†

–

2,187,917

–

2,187,917

Mortgage-Backed

Securities

–

54,612,974

–

54,612,974

Purchased

Options

685,586

62,373

–

747,959

Repurchase

Agreements

–

46,993,325

–

46,993,325

Rights  

–

1,484

–

1,484

Short-Term

Investments

–

216,663,020

–

216,663,020

Total

Return

Swaps†

–

8,787,939

103,206

8,891,145

U.S.

Treasury

Obligations

–

48,348,337

–

48,348,337

Warrants

5,991

–

–

5,991

Total

Assets

$

2,090,784,799

$

833,565,996

$

107,439

$

2,924,458,234

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(200,865)

$

–

$

(200,865)

Futures

Contracts

(15,981,088)

–

–

(15,981,088)

Interest

Rate

Swaps†

–

(372,601)

–

(372,601)

TBA

Sale

Commitment

$

–

$

–

$

–

$

–

Total

Return

Swaps†

–

(410,309)

–

(410,309)

Written

Swaptions

–

(10,095)

–

(10,095)

Written

Options

(116,719)

(123,280)

–

(239,999)

Total

Liabilities

$

(16,097,807)

$

(1,117,150)

$

–

$

(17,214,957)

Total

$

2,074,686,992

$

832,448,846

$

107,439

$

2,907,243,277

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

January

31,

2024,

the

fund

held

three

common

stock

investments

and

twelve

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

83

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

Common

Stocks

Swap

Total

Balance

as

of

10/31/2023

$

3,639

$

286,975

$

290,614

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

(15,723)

(15,723)

Purchases

—

—

—

Sales

—

15,723

15,723

Change

in

Unrealized

Appreciation/Depreciation

594

(183,769)

(183,175)

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

1/31/2024

$

4,233

$

103,206

$

107,439

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

1/31/2024

$

594

$

(152,027)

$

(151,433)

84

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Total

Return

Swap

Contracts

— Certain

Funds

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or

to

obtain

exposure

to

a

domestic

or

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

may

also

include

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Certain

Funds

entered

into

total

return

swap

contracts

on

a

net

basis,

which

means

that

the

two

payment

streams

are

netted

out,

with

a

Fund

receiving

or

paying,

as

the

case

may

be,

only

the

net

amount

of

the

two

payments.

Payments

are

made

at

the

conclusion

of

a

total

return

swap

contract

or

periodically

during

its

term.

Total

return

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

is

normally

86

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Multi-Cap

Portfolio

limited

to

the

net

amount

of

payments

that

a

Fund

is

contractually

obligated

to

make.

If

the

counterparty

to

a

total

return

swap

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

that

a

Fund

is

contractually

entitled

to

receive,

if

any.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(c)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(d)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Nationwide

Multi-Cap

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

87

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

62,373

Interest

rate

risk

Investment

securities,

at

value

685,586

Swap

Contracts†

Credit

risk

Unrealized

appreciation

from

centrally

cleared

swap

contracts

326,857

Equity

risk

Swap

contracts,

at

value

8,891,145

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

2,187,917

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

3,213,028

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

4,155,343

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

3,780,987

Total

$

23,303,236

Liabilities:

Written

Options

Equity

risk

Written

options,

at

value

$

(123,280)

Interest

rate

risk

Written

options,

at

value

(116,719)

Written

Swaptions

Interest

rate

risk

Written

options,

at

value

(10,095)

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

(410,309)

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(372,601)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(200,865)

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

(9,158,983)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(6,822,105)

Total

$

(17,214,957)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

88

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Common

Stocks

96.8%

Shares

Value

($)

Automobile

Components

1.6%

BorgWarner,

Inc.

85,761

2,907,298

Lear

Corp.

27,257

3,622,455

6,529,753

Automobiles

2.6%

Ford

Motor

Co.

378,324

4,433,957

General

Motors

Co.

156,801

6,083,879

10,517,836

Banks

2.2%

Comerica,

Inc.

48,986

2,575,684

First

Horizon

Corp.

114,396

1,628,999

KeyCorp

325,204

4,725,214

8,929,897

Biotechnology

3.0%

Exelixis,

Inc.*

65,927

1,434,571

Incyte

Corp.*

42,038

2,470,573

Ionis

Pharmaceuticals,

Inc.*

14,153

727,323

Neurocrine

Biosciences,

Inc.*

28,080

3,924,741

Sarepta

Therapeutics,

Inc.*

20,028

2,383,132

Ultragenyx

Pharmaceutical,

Inc.*

26,552

1,171,209

12,111,549

Broadline

Retail

3.0%

Amazon.com,

Inc.*

40,560

6,294,912

Coupang,

Inc.,

Class

A*

60,613

848,582

eBay,

Inc.

94,329

3,874,092

Etsy,

Inc.*

18,803

1,251,528

12,269,114

Capital

Markets

1.5%

Evercore,

Inc.,

Class

A

4,574

785,493

LPL

Financial

Holdings,

Inc.

12,541

2,999,682

State

Street

Corp.

30,352

2,242,102

6,027,277

Chemicals

3.2%

Dow,

Inc.

91,248

4,890,893

DuPont

de

Nemours,

Inc.

65,925

4,074,165

Eastman

Chemical

Co.

18,298

1,528,798

Huntsman

Corp.

105,675

2,593,264

13,087,120

Communications

Equipment

0.6%

F5,

Inc.*

14,071

2,584,843

Construction

&

Engineering

1.1%

AECOM

50,230

4,429,784

Consumer

Finance

2.0%

SLM

Corp.

131,709

2,618,375

Synchrony

Financial

137,277

5,335,957

7,954,332

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kroger

Co.

(The)

1,759

81,160

Distributors

0.8%

Genuine

Parts

Co.

22,720

3,186,026

Diversified

Telecommunication

Services

0.5%

Iridium

Communications,

Inc.

62,305

2,259,179

Electric

Utilities

3.3%

Exelon

Corp.

128,572

4,475,591

NRG

Energy,

Inc.

99,795

5,293,127

Common

Stocks

Shares

Value

($)

Electric

Utilities

Pinnacle

West

Capital

Corp.

50,560

3,483,584

13,252,302

Entertainment

1.2%

Live

Nation

Entertainment,

Inc.*

52,004

4,620,555

Playtika

Holding

Corp.*

47,148

340,409

4,960,964

Financial

Services

4.8%

Corebridge

Financial,

Inc.

88,095

2,129,256

Mastercard,

Inc.,

Class

A

23,784

10,684,486

PayPal

Holdings,

Inc.*

109,613

6,724,758

19,538,500

Food

Products

1.4%

Archer-Daniels-Midland

Co.

66,446

3,693,068

Tyson

Foods,

Inc.,

Class

A

40,405

2,212,578

5,905,646

Ground

Transportation

4.0%

JB

Hunt

Transport

Services,

Inc.

10,095

2,028,893

Landstar

System,

Inc.

2,888

553,687

Lyft,

Inc.,

Class

A*

187,355

2,340,064

Old

Dominion

Freight

Line,

Inc.

12,391

4,845,129

Uber

Technologies,

Inc.*

98,213

6,410,362

U-Haul

Holding

Co.*

976

64,670

16,242,805

Health

Care

Equipment

&

Supplies

1.8%

Align

Technology,

Inc.*

1,461

390,555

Edwards

Lifesciences

Corp.*

72,522

5,690,801

Tandem

Diabetes

Care,

Inc.*

56,191

1,281,155

7,362,511

Health

Care

Providers

&

Services

4.9%

Centene

Corp.*

65,804

4,955,699

Elevance

Health,

Inc.

15,380

7,589,107

Humana,

Inc.

13,389

5,061,846

McKesson

Corp.

1,608

803,823

Molina

Healthcare,

Inc.*

2,057

733,197

Premier,

Inc.,

Class

A

31,301

676,728

19,820,400

Hotels,

Restaurants

&

Leisure

3.6%

Airbnb,

Inc.,

Class

A*

9,906

1,427,851

Booking

Holdings,

Inc.*

1,903

6,674,715

Domino's

Pizza,

Inc.

12,513

5,333,291

Expedia

Group,

Inc.*

6,860

1,017,544

14,453,401

Household

Durables

0.4%

KB

Home

27,591

1,644,148

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

32,667

1,340,327

Insurance

3.7%

Allstate

Corp.

(The)

32,944

5,114,556

Brighthouse

Financial,

Inc.*

26,108

1,351,611

Everest

Group

Ltd.

8,064

3,104,398

Hanover

Insurance

Group,

Inc.

(The)

12,024

1,587,288

Hartford

Financial

Services

Group,

Inc.

(The)

6,016

523,151

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Insurance

Reinsurance

Group

of

America,

Inc.

17,142

2,980,823

W

R

Berkley

Corp.

3,680

301,319

14,963,146

Interactive

Media

&

Services

2.2%

Alphabet,

Inc.,

Class

C*

45,573

6,462,251

Meta

Platforms,

Inc.,

Class

A*

1,541

601,206

ZoomInfo

Technologies,

Inc.,

Class

A*

118,510

1,900,901

8,964,358

IT

Services

3.3%

Cognizant

Technology

Solutions

Corp.,

Class

A

56,240

4,337,229

EPAM

Systems,

Inc.*

1,818

505,604

GoDaddy,

Inc.,

Class

A*

15,612

1,665,176

Kyndryl

Holdings,

Inc.*

123,175

2,527,551

Twilio,

Inc.,

Class

A*

2,110

148,396

VeriSign,

Inc.*

21,151

4,206,511

13,390,467

Life

Sciences

Tools

&

Services

0.9%

Illumina,

Inc.*

24,452

3,496,880

Machinery

3.1%

AGCO

Corp.

25,853

3,162,597

Oshkosh

Corp.

31,359

3,452,626

Otis

Worldwide

Corp.

65,711

5,811,481

12,426,704

Media

1

.1%

Omnicom

Group,

Inc.

42,667

3,856,243

Paramount

Global,

Class

B

53,093

774,627

4,630,870

Metals

&

Mining

0.1%

MP

Materials

Corp.*

17,471

276,216

Multi-Utilities

0.4%

DTE

Energy

Co.

14,412

1,519,313

Oil,

Gas

&

Consumable

Fuels

2.4%

Marathon

Oil

Corp.

88,549

2,023,345

Marathon

Petroleum

Corp.

4,080

675,648

Valero

Energy

Corp.

51,421

7,142,377

9,841,370

Paper

&

Forest

Products

0.8%

Louisiana-Pacific

Corp.

49,005

3,261,283

Professional

Services

2.8%

Automatic

Data

Processing,

Inc.

14,643

3,598,957

KBR,

Inc.

35,100

1,829,061

Paycom

Software,

Inc.

11,231

2,136,585

Robert

Half,

Inc.

37,461

2,979,648

TriNet

Group,

Inc.*

6,026

685,156

11,229,407

Real

Estate

Management

&

Development

0.3%

Howard

Hughes

Holdings,

Inc.*

14,330

1,147,546

Residential

REITs

1.5%

Camden

Property

Trust

30,762

2,886,706

Essex

Property

Trust,

Inc.

13,574

3,166,407

6,053,113

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

5.0%

Cirrus

Logic,

Inc.*

7,816

603,395

Intel

Corp.

102,004

4,394,333

NVIDIA

Corp.

19,429

11,954,081

Qorvo,

Inc.*

13,803

1,376,711

Teradyne,

Inc.

21,009

2,029,259

20,357,779

Software

11.5%

Atlassian

Corp.,

Class

A*

24,177

6,038,689

Confluent,

Inc.,

Class

A*

26,624

595,313

Dropbox,

Inc.,

Class

A*

76,227

2,414,871

Fortinet,

Inc.*

89,920

5,798,941

Guidewire

Software,

Inc.*

6,217

694,315

Microsoft

Corp.

52,178

20,744,929

Nutanix,

Inc.,

Class

A*

61,265

3,443,093

Procore

Technologies,

Inc.*

15,927

1,137,028

Qualys,

Inc.*

8,111

1,534,358

SentinelOne,

Inc.,

Class

A*

43,728

1,171,910

Smartsheet,

Inc.,

Class

A*

38,448

1,729,007

Tenable

Holdings,

Inc.*

26,301

1,238,777

46,541,231

Specialty

Retail

2.0%

Advance

Auto

Parts,

Inc.

40,353

2,697,598

AutoZone,

Inc.*

1,950

5,386,154

8,083,752

Technology

Hardware,

Storage

&

Peripherals

7.9%

Apple,

Inc.

154,508

28,491,275

HP,

Inc.

132,456

3,802,812

32,294,087

Total

Investments

(cost

$349,144,682)

—

96.8%

392,966,396

Other

assets

in

excess

of

liabilities

—

3.2%

13,101,809

NET

ASSETS

—

100.0%

$

406,068,205

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

90

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

OTC

Total

return

swap

contracts

outstanding

as

of

January

31,

2024

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

26,619

22,626

22,626

Acadia

Healthcare

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

18,997

53,002

53,002

Advance

Auto

Parts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

20,301

2,842

2,842

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,435

95,671

95,671

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

8,510

27,743

27,743

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

205,018

41,004

41,004

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

11,228

54,344

54,344

Annaly

Capital

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

80,616

5,643

5,643

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

15,714

12,728

12,728

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,701

14,253

14,253

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

15,846

5,705

5,705

Avantor,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

55,508

3,886

3,886

Azenta,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

23,117

53,400

53,400

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

35,817

46,920

46,920

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

18,071

61,080

61,080

Bridgebio

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

8,315

29,518

29,518

Bright

Horizons

Family

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,431

20,435

20,435

Carter's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

23,000

35,880

35,880

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

24,221

26,159

26,159

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

91

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

52,154

17,732

17,732

Chemed

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

1,077

4,470

4,470

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

7,647

12,694

12,694

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

15,756

25,966

25,966

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

37,397

51,982

51,982

Columbia

Banking

System,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

70,072

51,853

51,853

Crocs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

5,135

14,994

14,994

DR

Horton,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

38,194

103,506

103,506

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

27,433

71,326

71,326

Eastman

Chemical

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

30,052

9,917

9,917

Edwards

Lifesciences

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

4,043

15,768

15,768

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

19,114

61,929

61,929

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

18,150

94,198

94,198

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

4,803

35,830

35,830

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

15,954

23,293

23,293

FirstCash

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

8,830

15,629

15,629

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

15,313

15,926

15,926

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,165

45,929

45,929

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

9,387

36,891

36,891

92

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Ford

Motor

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

23,809

4,048

4,048

Freshpet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

27,742

53,819

53,819

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

92,069

65,369

65,369

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

95,215

66,651

66,651

Ginkgo

Bioworks

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.81%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

323,306

45,263

45,263

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

30,652

17,165

17,165

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

1,983

1,824

1,824

Hartford

Financial

Services

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

46,892

28,604

28,604

Healthcare

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

133,840

57,551

57,551

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

400

5,202

5,202

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

26,432

2,841

2,841

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

11,985

54,891

54,891

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

30,032

3,185

3,185

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

26,625

14,910

14,910

Lennar

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

13,070

10,195

10,195

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

3,074

46,571

46,571

Marathon

Petroleum

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,395

62,217

62,217

Marvell

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

21,480

51,122

51,122

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

9,533

12,488

12,488

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

93

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

13,601

191,094

191,094

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.69%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

200,495

10,586

10,586

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.56%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

617

7,774

7,774

Mister

Car

Wash,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.44%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

39,117

10,170

10,170

MKS

Instruments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

18,940

116,481

116,481

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

11,454

20,159

20,159

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,950

37,307

37,307

Mueller

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

30,869

37,660

37,660

Natera,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

17,156

8,063

8,063

nCino,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

30,596

38,857

38,857

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

193,840

769,545

769,545

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

130,367

121,241

121,241

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

9,029

26,816

26,816

Paramount

Global

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

193,249

171,992

171,992

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

4,392

53,495

53,495

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

15,669

39,956

39,956

PTC,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

11,947

50,177

50,177

QuidelOrtho

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

6,335

19,132

19,132

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

97,172

21,378

21,378

94

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,925

44,874

44,874

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

565

1,175

1,175

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

14,058

39,503

39,503

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

4,761

6,951

6,951

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

27,337

36,358

36,358

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

66,579

19,974

19,974

SouthState

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

3,632

14,637

14,637

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

3,817

27,979

27,979

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

62,829

31,415

31,415

T

Rowe

Price

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

19,482

38,574

38,574

Take-Two

Interactive

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

9,810

30,313

30,313

Teledyne

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

4,929

52,740

52,740

TFS

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

14,862

11,147

11,147

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

38,387

3,839

3,839

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

8,381

10,392

10,392

Valvoline,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

57,741

40,419

40,419

Viasat,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

23,731

37,020

37,020

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,284

877

877

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2025

203,488

90,842

90,842

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

95

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

43,975

135,443

135,443

Wendy's

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

79,962

25,588

25,588

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

41,508

31,961

31,961

–

–

Total

unrealized

appreciation

4,410,492

4,410,492

–

–

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,287

(9,254)

(9,254)

Airbnb,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

42,687

(365,401)

(365,401)

Align

Technology,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

11,285

(34,645)

(34,645)

Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,397

(83,417)

(83,417)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

24,092

(176,594)

(176,594)

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

53,741

(1,075)

(1,075)

Booking

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

475

(22,045)

(22,045)

BorgWarner,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

31,603

(11,693)

(11,693)

Boston

Beer

Co.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

2,282

(28,981)

(28,981)

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

11,398

(20,972)

(20,972)

Camden

Property

Trust

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

995

(1,443)

(1,443)

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

1,155

(3,673)

(3,673)

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

13,780

(3,721)

(3,721)

Comerica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

8,536

(21,852)

(21,852)

Confluent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

25,165

(34,476)

(34,476)

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

8,811

(54,804)

(54,804)

96

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

33

(5)

(5)

Dow,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

12,983

(6,102)

(6,102)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

76,846

(59,171)

(59,171)

DXC

Technology

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

137,303

(186,732)

(186,732)

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

11,124

(135,379)

(135,379)

Erie

Indemnity

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

3,422

(15,177)

(15,177)

Evercore,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

16,504

(67,501)

(67,501)

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

12,789

(21,358)

(21,358)

Fluor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

13,110

(9,046)

(9,046)

Fox

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

121,682

(6,084)

(6,084)

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

19,804

(27,528)

(27,528)

Guidewire

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

27,525

(69,088)

(69,088)

Howard

Hughes

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

3,622

(12,749)

(12,749)

HP,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

14,294

(3,636)

(3,636)

Illumina,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

9,366

(34,748)

(34,748)

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

30,042

(51,071)

(51,071)

Intel

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,079

(25,900)

(25,900)

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

2,522

(1,564)

(1,564)

Iridium

Communications,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

1,706

(785)

(785)

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

97

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

9,681

(47,437)

(47,437)

Kroger

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,617

(2,191)

(2,191)

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

3,975

(8,348)

(8,348)

Louisiana-Pacific

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,960

(4,872)

(4,872)

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

2,166

(26,295)

(26,295)

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

16,006

(7,843)

(7,843)

NRG

Energy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,617

(1,621)

(1,621)

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

16,355

(153,410)

(153,410)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

644

(19,990)

(19,990)

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

18,801

(50,763)

(50,763)

Pinnacle

West

Capital

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,504

(722)

(722)

Playtika

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

20,417

(7,350)

(7,350)

Procore

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

14,787

(19,815)

(19,815)

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

12,494

(31,360)

(31,360)

RingCentral,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

47,823

(109,993)

(109,993)

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

57,708

(32,894)

(32,894)

SentinelOne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

9,737

(13,437)

(13,437)

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

53,692

(15,571)

(15,571)

Smartsheet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,816

(21,158)

(21,158)

98

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Super

Micro

Computer,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

704

(23,894)

(23,894)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

11,873

(6,768)

(6,768)

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

29,711

(28,820)

(28,820)

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

30,101

(285,357)

(285,357)

TriNet

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

87

(223)

(223)

Twilio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

1,813

(7,723)

(7,723)

Uber

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

24,526

(41,939)

(41,939)

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

30,707

(57,729)

(57,729)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.69%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

152,885

(13,760)

(13,760)

Vaxcyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

18,140

(52,969)

(52,969)

VeriSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

3,065

(12,321)

(12,321)

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

66,960

(5,935)

(5,935)

Virtu

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

23,222

(10,914)

(10,914)

–

–

Total

unrealized

depreciation

(2,731,092)

(2,731,092)

–

–

Net

unrealized

appreciation

1,679,400

1,679,400

Financing

Costs

of

Swap

Contracts

(118,153)

(118,153)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,561,247

1,561,247

OBFR

Overnight

Bank

Funding

Rate

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

99

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

100

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

U.S.

130/30

Equity

Portfolio

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

392,966,396

$

–

$

–

$

392,966,396

Total

Return

Swaps†

–

4,410,492

–

4,410,492

Total

Assets

$

392,966,396

$

4,410,492

$

–

$

397,376,888

Liabilities:

Total

Return

Swaps†

$

–

$

(2,849,245)

$

–

$

(

2,849,245)

Total

Liabilities

$

–

$

(2,849,245)

$

–

$

(2,849,245)

Total

$

392,966,396

$

1,561,247

$

–

$

394,527,643

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Nationwide

U.S.

130/30

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

101

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

4,410,492

Total

$

4,410,492

Liabilities:

Swap

Contracts†

Equity

risk

Swap

Contracts,

at

value

$

(2,849,245)

Total

$

(2,849,245)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

102

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

96.4%

Shares

Value

($)

Aerospace

&

Defense

0.7%

AAR

Corp.*

276

16,786

AeroVironment,

Inc.*

173

20,871

Archer

Aviation,

Inc.,

Class

A*

2,689

12,988

Boeing

Co.

(The)*

10,945

2,309,833

Cadre

Holdings,

Inc.

203

6,900

Ducommun,

Inc.*

135

6,662

Kaman

Corp.

285

12,839

Kratos

Defense

&

Security

Solutions,

Inc.*

16,393

277,533

L3Harris

Technologies,

Inc.

2,471

515,006

Leonardo

DRS,

Inc.*

87

1,689

Moog,

Inc.,

Class

A

234

32,713

National

Presto

Industries,

Inc.

178

14,092

Northrop

Grumman

Corp.

1,519

678,628

Park

Aerospace

Corp.

269

3,968

Parsons

Corp.*

210

13,682

Rocket

Lab

USA,

Inc.*

3,065

14,865

Terran

Orbital

Corp.*

6,855

5,674

TransDigm

Group,

Inc.

1,607

1,755,937

Triumph

Group,

Inc.*

598

9,688

V2X,

Inc.*

75

2,917

Virgin

Galactic

Holdings,

Inc.*

5,886

10,477

5,723,748

Air

Freight

&

Logistics

0.5%

FedEx

Corp.

5,735

1,383,798

Forward

Air

Corp.

370

16,402

GXO

Logistics,

Inc.*

8,831

480,230

Hub

Group,

Inc.,

Class

A*

601

27,213

Radiant

Logistics,

Inc.*

727

4,464

United

Parcel

Service,

Inc.,

Class

B

15,898

2,255,926

4,168,033

Automobile

Components

0.5%

Adient

plc*

902

31,308

American

Axle

&

Manufacturing

Holdings,

Inc.*

378

3,058

Aptiv

plc*

34,129

2,775,712

Cooper-Standard

Holdings,

Inc.*

295

5,189

Dana,

Inc.

1,026

13,913

Dorman

Products,

Inc.*

202

16,445

Fox

Factory

Holding

Corp.*

369

23,262

Gentherm,

Inc.*

206

9,919

Goodyear

Tire

&

Rubber

Co.

(The)*

2,375

33,108

Holley,

Inc.*

686

3,272

LCI

Industries

196

21,811

Luminar

Technologies,

Inc.,

Class

A*

4,360

11,859

Mobileye

Global,

Inc.,

Class

A*

26,802

693,100

Modine

Manufacturing

Co.*

549

37,930

Patrick

Industries,

Inc.

312

31,322

Solid

Power,

Inc.*

3,428

5,553

Standard

Motor

Products,

Inc.

95

3,833

Visteon

Corp.*

238

27,439

XPEL,

Inc.

Reg.

S*

116

6,200

3,754,233

Automobiles

0.9%

Fisker,

Inc.,

Class

A*

1,520

1,219

Common

Stocks

Shares

Value

($)

Automobiles

General

Motors

Co.

16,470

639,036

Livewire

Group,

Inc.*

401

3,978

Tesla,

Inc.*

37,465

7,016,820

Winnebago

Industries,

Inc.

250

16,430

7,677,483

Banks

4.0%

1st

Source

Corp.

261

13,642

Amerant

Bancorp,

Inc.,

Class

A

368

8,320

Ameris

Bancorp

535

26,557

Associated

Banc-Corp.

1,163

24,435

Atlantic

Union

Bankshares

Corp.

549

18,754

Axos

Financial,

Inc.*

477

26,440

BancFirst

Corp.

165

14,604

Bancorp,

Inc.

(The)*

556

24,264

Bank

of

America

Corp.

232,399

7,903,890

Bank

of

Hawaii

Corp.

307

19,412

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

464

14,073

BankUnited,

Inc.

470

13,282

Banner

Corp.

374

17,421

BCB

Bancorp,

Inc.

380

4,720

Berkshire

Hills

Bancorp,

Inc.

645

15,480

Brookline

Bancorp,

Inc.

1,175

12,714

Burke

&

Herbert

Financial

Services

Corp.

22

1,285

Byline

Bancorp,

Inc.

406

8,867

C&F

Financial

Corp.

170

9,435

Cadence

Bank

1,569

41,767

Camden

National

Corp.

361

13,007

Capital

City

Bank

Group,

Inc.

224

6,402

Capitol

Federal

Financial,

Inc.

1,827

11,583

Cathay

General

Bancorp

667

27,460

Central

Pacific

Financial

Corp.

666

12,834

Citigroup,

Inc.

27,280

1,532,318

City

Holding

Co.

197

20,135

Coastal

Financial

Corp.*

161

6,424

Community

Bank

System,

Inc.

424

19,406

Community

Trust

Bancorp,

Inc.

318

13,197

ConnectOne

Bancorp,

Inc.

650

14,846

CrossFirst

Bankshares,

Inc.*

652

9,206

Customers

Bancorp,

Inc.*

296

15,818

CVB

Financial

Corp.

1,038

17,407

Dime

Community

Bancshares,

Inc.

373

8,508

Eagle

Bancorp,

Inc.

164

4,066

East

West

Bancorp,

Inc.

33,400

2,431,854

Eastern

Bankshares,

Inc.

1,203

16,794

Enterprise

Financial

Services

Corp.

334

13,904

Farmers

National

Banc

Corp.

550

7,546

FB

Financial

Corp.

431

16,055

First

Bancorp

2,098

42,522

First

Bancshares,

Inc.

(The)

326

8,290

First

Busey

Corp.

644

15,160

First

Commonwealth

Financial

Corp.

1,028

14,402

First

Community

Bankshares,

Inc.

255

8,741

First

Financial

Bancorp

730

16,367

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Banks

First

Financial

Bankshares,

Inc.

1,079

33,697

First

Foundation,

Inc.

710

6,759

First

Interstate

BancSystem,

Inc.,

Class

A

628

17,283

First

Merchants

Corp.

523

17,683

First

Mid

Bancshares,

Inc.

134

4,217

Fulton

Financial

Corp.

1,237

19,285

German

American

Bancorp,

Inc.

414

13,716

Glacier

Bancorp,

Inc.

959

37,075

Great

Southern

Bancorp,

Inc.

217

11,304

Hancock

Whitney

Corp.

780

35,186

Hanmi

Financial

Corp.

687

11,507

Heartland

Financial

USA,

Inc.

323

11,457

Heritage

Commerce

Corp.

1,279

11,370

Heritage

Financial

Corp.

665

13,400

Hilltop

Holdings,

Inc.

470

14,800

Home

BancShares,

Inc.

1,804

42,286

HomeStreet,

Inc.

302

4,156

Hope

Bancorp,

Inc.

1,483

16,432

Horizon

Bancorp,

Inc.

258

3,382

Huntington

Bancshares,

Inc.

135,998

1,731,255

Independent

Bank

Corp.

309

17,332

Independent

Bank

Group,

Inc.

349

16,874

International

Bancshares

Corp.

704

37,213

JPMorgan

Chase

&

Co.

77,720

13,551,259

Kearny

Financial

Corp.

1,029

7,440

Lakeland

Bancorp,

Inc.

939

12,479

Lakeland

Financial

Corp.

258

17,276

Live

Oak

Bancshares,

Inc.

354

12,875

M&T

Bank

Corp.

6,693

924,303

Mercantile

Bank

Corp.

348

13,951

Metropolitan

Bank

Holding

Corp.*

86

4,170

Midland

States

Bancorp,

Inc.

521

13,681

National

Bank

Holdings

Corp.,

Class

A

423

14,805

National

Bankshares,

Inc.

162

5,226

NBT

Bancorp,

Inc.

397

14,121

Nicolet

Bankshares,

Inc.

126

9,799

Northeast

Community

Bancorp,

Inc.

135

2,326

Northfield

Bancorp,

Inc.

1,003

12,066

Northwest

Bancshares,

Inc.

1,211

14,980

OceanFirst

Financial

Corp.

527

9,080

OFG

Bancorp

425

15,627

Old

National

Bancorp

2,576

42,427

Old

Second

Bancorp,

Inc.

491

6,687

Origin

Bancorp,

Inc.

154

4,697

Pacific

Premier

Bancorp,

Inc.

927

23,518

Park

National

Corp.

128

16,727

Pathward

Financial,

Inc.

257

13,307

Peapack-Gladstone

Financial

Corp.

245

6,757

Peoples

Bancorp,

Inc.

379

11,105

PNC

Financial

Services

Group,

Inc.

(The)

12,908

1,951,819

Preferred

Bank

187

13,434

Premier

Financial

Corp.

639

13,349

Princeton

Bancorp,

Inc.

161

5,258

Common

Stocks

Shares

Value

($)

Banks

Provident

Financial

Services,

Inc.

767

12,694

QCR

Holdings,

Inc.

254

14,836

RBB

Bancorp

342

6,050

Renasant

Corp.

418

13,221

S&T

Bancorp,

Inc.

475

15,837

Sandy

Spring

Bancorp,

Inc.

587

14,311

Seacoast

Banking

Corp.

of

Florida

643

15,792

ServisFirst

Bancshares,

Inc.

350

23,499

Sierra

Bancorp

250

5,187

Simmons

First

National

Corp.,

Class

A

986

18,744

Southside

Bancshares,

Inc.

425

13,303

SouthState

Corp.

692

57,505

Stellar

Bancorp,

Inc.

412

10,312

Stock

Yards

Bancorp,

Inc.

300

14,916

Texas

Capital

Bancshares,

Inc.*

370

22,570

Timberland

Bancorp,

Inc.

334

9,342

Tompkins

Financial

Corp.

198

9,779

Towne

Bank

652

18,328

TriCo

Bancshares

369

13,413

Triumph

Financial,

Inc.*

224

15,826

TrustCo

Bank

Corp.

391

11,300

Trustmark

Corp.

604

16,302

UMB

Financial

Corp.

349

28,793

United

Bankshares,

Inc.

1,125

40,331

United

Community

Banks,

Inc.

942

25,754

Unity

Bancorp,

Inc.

156

4,273

Univest

Financial

Corp.

396

8,411

Valley

National

Bancorp

3,775

36,316

Veritex

Holdings,

Inc.

509

10,694

Virginia

National

Bankshares

Corp.

151

4,985

WaFd,

Inc.

553

16,059

Washington

Trust

Bancorp,

Inc.

407

11,319

Wells

Fargo

&

Co.

36,034

1,808,186

WesBanco,

Inc.

508

14,905

Westamerica

Bancorp

309

14,745

WSFS

Financial

Corp.

455

20,252

33,833,922

Beverages

0.9%

Coca-Cola

Consolidated,

Inc.

60

51,684

Coca-Cola

Europacific

Partners

plc

27,677

1,906,945

Constellation

Brands,

Inc.,

Class

A

16,447

4,030,831

Keurig

Dr

Pepper,

Inc.

45,296

1,424,106

MGP

Ingredients,

Inc.

57

4,842

National

Beverage

Corp.*

99

4,578

Primo

Water

Corp.

1,178

17,175

Vita

Coco

Co.,

Inc.

(The)*

288

5,671

7,445,832

Biotechnology

2.8%

4D

Molecular

Therapeutics,

Inc.*

381

6,572

89bio,

Inc.*

407

4,029

AbbVie,

Inc.

26,893

4,421,209

104

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Biotechnology

ACADIA

Pharmaceuticals,

Inc.*

1,064

27,568

ACELYRIN,

Inc.*

441

3,360

ADMA

Biologics,

Inc.*

3,117

16,177

Aerovate

Therapeutics,

Inc.*

212

4,094

Agios

Pharmaceuticals,

Inc.*

526

11,898

Akero

Therapeutics,

Inc.*

430

9,292

Aldeyra

Therapeutics,

Inc.*

607

1,900

Alkermes

plc*

1,998

54,046

Alpine

Immune

Sciences,

Inc.*

280

7,451

Altimmune,

Inc.*

469

4,427

ALX

Oncology

Holdings,

Inc.*

459

6,614

Amgen,

Inc.

12,113

3,806,631

Amicus

Therapeutics,

Inc.*

2,783

34,593

AnaptysBio,

Inc.*

306

7,222

Anavex

Life

Sciences

Corp.*

1,479

8,830

Annexon,

Inc.*

1,046

4,346

Apogee

Therapeutics,

Inc.*

156

5,226

Arcellx,

Inc.*

419

25,911

Arcturus

Therapeutics

Holdings,

Inc.*

346

11,408

Arcus

Biosciences,

Inc.*

495

7,494

Arcutis

Biotherapeutics,

Inc.*

784

4,602

Ardelyx,

Inc.*

1,970

17,198

Arrowhead

Pharmaceuticals,

Inc.*

870

27,927

Astria

Therapeutics,

Inc.*

529

6,893

Atara

Biotherapeutics,

Inc.*

7,411

4,621

Aurinia

Pharmaceuticals,

Inc.*

1,296

9,772

Avid

Bioservices,

Inc.*

293

1,984

Avidity

Biosciences,

Inc.*

594

7,265

Avita

Medical,

Inc.*

352

5,900

Beam

Therapeutics,

Inc.*

526

12,834

BioAtla,

Inc.*

1,751

3,353

BioCryst

Pharmaceuticals,

Inc.*

1,921

10,181

Biogen,

Inc.*

12,222

3,014,679

Biohaven

Ltd.*

654

29,090

BioMarin

Pharmaceutical,

Inc.*

26,954

2,374,108

Blueprint

Medicines

Corp.*

489

38,890

Bridgebio

Pharma,

Inc.*

896

30,724

Cabaletta

Bio,

Inc.*

314

6,431

CareDx,

Inc.*

648

5,547

Caribou

Biosciences,

Inc.*

753

4,616

Catalyst

Pharmaceuticals,

Inc.*

1,030

14,832

Celldex

Therapeutics,

Inc.*

453

15,955

Cerevel

Therapeutics

Holdings,

Inc.*

562

23,548

Cogent

Biosciences,

Inc.*

966

4,279

Crinetics

Pharmaceuticals,

Inc.*

572

20,867

Cullinan

Oncology,

Inc.*

479

7,252

Cytokinetics,

Inc.*

802

62,660

Day

One

Biopharmaceuticals,

Inc.*

639

9,617

Deciphera

Pharmaceuticals,

Inc.*

518

7,418

Denali

Therapeutics,

Inc.*

1,059

16,955

Dynavax

Technologies

Corp.*

1,465

18,928

Dyne

Therapeutics,

Inc.*

475

10,165

Common

Stocks

Shares

Value

($)

Biotechnology

Eagle

Pharmaceuticals,

Inc.*

487

2,854

Editas

Medicine,

Inc.*

949

6,671

Enanta

Pharmaceuticals,

Inc.*

366

4,447

Entrada

Therapeutics,

Inc.*

283

4,123

Erasca,

Inc.*

2,228

3,721

Genelux

Corp.*

186

1,968

Generation

Bio

Co.*

566

1,064

Geron

Corp.*

5,351

9,846

Gilead

Sciences,

Inc.

17,198

1,345,915

Halozyme

Therapeutics,

Inc.*

1,378

46,645

Heron

Therapeutics,

Inc.*

685

1,651

Humacyte,

Inc.*

1,546

5,133

Icosavax,

Inc.*

284

4,348

Ideaya

Biosciences,

Inc.*

519

22,592

ImmunityBio,

Inc.*

652

2,191

ImmunoGen,

Inc.*

1,964

57,584

Immunovant,

Inc.*

384

13,981

Inhibrx,

Inc.*

329

12,676

Insmed,

Inc.*

989

27,494

Intellia

Therapeutics,

Inc.*

822

19,580

Iovance

Biotherapeutics,

Inc.*

1,898

14,672

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

2,271

32,225

Keros

Therapeutics,

Inc.*

196

10,851

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

286

5,042

Kodiak

Sciences,

Inc.*

441

1,768

Krystal

Biotech,

Inc.*

172

19,135

Kura

Oncology,

Inc.*

779

15,689

Kymera

Therapeutics,

Inc.*

334

10,949

Larimar

Therapeutics,

Inc.*

829

4,800

Lyell

Immunopharma,

Inc.*

1,214

2,222

MacroGenics,

Inc.*

471

6,735

Madrigal

Pharmaceuticals,

Inc.*

120

26,005

MannKind

Corp.*

3,208

10,715

MeiraGTx

Holdings

plc*

695

4,219

MiMedx

Group,

Inc.*

994

7,694

Mirum

Pharmaceuticals,

Inc.*

277

7,329

Moderna,

Inc.*

5,210

526,470

Monte

Rosa

Therapeutics,

Inc.*

856

4,533

Morphic

Holding,

Inc.*

284

9,000

Myriad

Genetics,

Inc.*

986

21,091

Neurocrine

Biosciences,

Inc.*

20,372

2,847,394

Nkarta,

Inc.*

490

4,430

Novavax,

Inc.*

280

1,120

Nuvalent,

Inc.,

Class

A*

192

14,433

Organogenesis

Holdings,

Inc.,

Class

A*

1,662

5,485

ORIC

Pharmaceuticals,

Inc.*

689

7,572

PDS

Biotechnology

Corp.*

809

4,328

PMV

Pharmaceuticals,

Inc.*

1,483

2,610

Poseida

Therapeutics,

Inc.,

Class

A*

1,387

4,771

Prelude

Therapeutics,

Inc.*

1,328

4,356

Prime

Medicine,

Inc.*

194

1,232

ProKidney

Corp.,

Class

A*

1,029

1,348

Protagonist

Therapeutics,

Inc.*

204

5,102

Prothena

Corp.

plc*

363

10,306

PTC

Therapeutics,

Inc.*

596

15,550

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Biotechnology

RAPT

Therapeutics,

Inc.*

276

6,831

RayzeBio,

Inc.*

146

9,067

Recursion

Pharmaceuticals,

Inc.,

Class

A*

856

8,055

Regeneron

Pharmaceuticals,

Inc.*

1,626

1,532,960

REGENXBIO,

Inc.*

389

4,792

Relay

Therapeutics,

Inc.*

634

5,864

REVOLUTION

Medicines,

Inc.*

1,295

35,936

Rhythm

Pharmaceuticals,

Inc.*

486

21,437

Rocket

Pharmaceuticals,

Inc.*

770

22,122

Sage

Therapeutics,

Inc.*

244

6,256

Sagimet

Biosciences,

Inc.,

Class

A*

443

4,200

Sana

Biotechnology,

Inc.*

1,050

5,764

Sangamo

Therapeutics,

Inc.*

10,370

4,739

Scholar

Rock

Holding

Corp.*

346

4,827

SpringWorks

Therapeutics,

Inc.*

562

24,801

Summit

Therapeutics,

Inc.*

878

3,442

Sutro

Biopharma,

Inc.*

941

4,084

Syndax

Pharmaceuticals,

Inc.*

658

13,482

Tango

Therapeutics,

Inc.*

399

4,688

Tenaya

Therapeutics,

Inc.*

1,023

4,302

TG

Therapeutics,

Inc.*

1,313

21,323

Twist

Bioscience

Corp.*

625

20,250

Tyra

Biosciences,

Inc.*

321

4,301

Vaxcyte,

Inc.*

856

61,136

Vera

Therapeutics,

Inc.,

Class

A*

319

11,618

Veracyte,

Inc.*

946

23,669

Vericel

Corp.*

568

24,413

Vertex

Pharmaceuticals,

Inc.*

5,242

2,271,778

Verve

Therapeutics,

Inc.*

448

4,847

Viking

Therapeutics,

Inc.*

919

22,185

Viridian

Therapeutics,

Inc.*

396

7,623

Voyager

Therapeutics,

Inc.*

530

3,853

Y-mAbs

Therapeutics,

Inc.*

359

4,592

Zentalis

Pharmaceuticals,

Inc.*

553

6,553

Zymeworks,

Inc.*

649

7,035

23,807,879

Broadline

Retail

2.8%

Amazon.com,

Inc.*

152,794

23,713,629

Dillard's,

Inc.,

Class

A

46

17,814

23,731,443

Building

Products

0.6%

AAON,

Inc.

492

34,519

Allegion

plc

19,075

2,363,202

American

Woodmark

Corp.*

185

16,887

Apogee

Enterprises,

Inc.

305

16,107

AZZ,

Inc.

55

3,435

CSW

Industrials,

Inc.

100

21,157

Fortune

Brands

Innovations,

Inc.

3,315

257,211

Gibraltar

Industries,

Inc.*

262

21,201

Griffon

Corp.

554

32,276

Insteel

Industries,

Inc.

226

7,826

Janus

International

Group,

Inc.*

903

12,777

JELD-WEN

Holding,

Inc.*

555

10,323

Common

Stocks

Shares

Value

($)

Building

Products

Masonite

International

Corp.*

159

14,636

Masterbrand,

Inc.*

1,179

16,588

PGT

Innovations,

Inc.*

486

20,033

Quanex

Building

Products

Corp.

514

16,047

Resideo

Technologies,

Inc.*

890

14,925

Simpson

Manufacturing

Co.,

Inc.

368

66,604

Trane

Technologies

plc

6,561

1,653,700

UFP

Industries,

Inc.

706

80,096

Zurn

Elkay

Water

Solutions

Corp.

1,124

33,327

4,712,877

Capital

Markets

2.2%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

871

36,495

B.

Riley

Financial,

Inc.

269

6,300

BGC

Group,

Inc.,

Class

A

2,341

16,528

BlackRock,

Inc.

2,324

1,799,496

Brightsphere

Investment

Group,

Inc.

300

6,636

Cohen

&

Steers,

Inc.

253

17,816

Diamond

Hill

Investment

Group,

Inc.

64

10,210

Donnelley

Financial

Solutions,

Inc.*

293

18,201

Goldman

Sachs

Group,

Inc.

(The)

5,345

2,052,533

Hamilton

Lane,

Inc.,

Class

A

297

34,434

Intercontinental

Exchange,

Inc.

24,565

3,127,861

KKR

&

Co.,

Inc.

13,844

1,198,614

MarketWise,

Inc.

1,702

3,966

Moelis

&

Co.,

Class

A

560

30,783

Moody's

Corp.

2,324

911,101

MSCI,

Inc.,

Class

A

4,705

2,816,507

Nasdaq,

Inc.

44,229

2,555,109

Open

Lending

Corp.*

630

4,624

Patria

Investments

Ltd.,

Class

A

180

2,569

Piper

Sandler

Cos.

126

21,860

PJT

Partners,

Inc.,

Class

A

271

26,062

S&P

Global,

Inc.

6,408

2,873,027

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

532

8,874

StepStone

Group,

Inc.,

Class

A

253

8,463

StoneX

Group,

Inc.*

127

8,350

Tradeweb

Markets,

Inc.,

Class

A

7,769

741,085

Victory

Capital

Holdings,

Inc.,

Class

A

556

18,754

Virtus

Investment

Partners,

Inc.

83

19,597

WisdomTree,

Inc.

800

5,416

18,381,271

Chemicals

1.9%

AdvanSix,

Inc.

376

9,543

Air

Products

&

Chemicals,

Inc.

2,556

653,595

Albemarle

Corp.

1,184

135,852

Arcadium

Lithium

plc*

8,401

41,081

106

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Chemicals

Ashland,

Inc.

2,842

266,068

Aspen

Aerogels,

Inc.*

504

5,660

Avient

Corp.

751

27,194

Balchem

Corp.

236

33,078

Cabot

Corp.

541

39,006

Celanese

Corp.,

Class

A(a)

17,856

2,612,154

Danimer

Scientific,

Inc.,

Class

A*

7,102

4,531

Ecolab,

Inc.

4,416

875,340

Ecovyst,

Inc.*

1,183

10,955

Element

Solutions,

Inc.

27,944

621,195

Hawkins,

Inc.

321

21,369

HB

Fuller

Co.

456

34,551

Ingevity

Corp.*

270

11,761

Innospec,

Inc.

264

30,653

Koppers

Holdings,

Inc.

236

12,069

Linde

plc

15,960

6,461,087

LSB

Industries,

Inc.*

621

4,620

Mativ

Holdings,

Inc.

484

5,822

Minerals

Technologies,

Inc.

297

19,409

Orion

SA

857

19,197

Perimeter

Solutions

SA*

846

4,010

PureCycle

Technologies,

Inc.*

1,539

6,033

Quaker

Chemical

Corp.

108

20,513

Sensient

Technologies

Corp.

218

13,523

Sherwin-Williams

Co.

(The)

13,168

4,008,076

Stepan

Co.

72

6,427

Trinseo

plc

1,342

8,092

Tronox

Holdings

plc

1,157

15,955

16,038,419

Commercial

Services

&

Supplies

0.2%

ABM

Industries,

Inc.

539

21,986

ACCO

Brands

Corp.

1,318

8,013

ACV

Auctions,

Inc.,

Class

A*

481

6,239

Brink's

Co.

(The)

560

45,270

Casella

Waste

Systems,

Inc.,

Class

A*

379

32,344

Cimpress

plc*

97

7,296

CoreCivic,

Inc.*

1,224

17,405

Deluxe

Corp.

651

12,310

Ennis,

Inc.

582

11,855

GEO

Group,

Inc.

(The)*

1,670

18,570

HNI

Corp.

603

24,554

Interface,

Inc.,

Class

A

1,277

15,848

Li-Cycle

Holdings

Corp.*

5,972

2,569

Liquidity

Services,

Inc.*

256

4,467

Matthews

International

Corp.,

Class

A

293

9,640

MillerKnoll,

Inc.

934

24,835

Montrose

Environmental

Group,

Inc.*

198

5,784

OPENLANE,

Inc.*

1,060

14,925

Pitney

Bowes,

Inc.

2,218

9,116

Quad/Graphics,

Inc.*

877

4,788

Steelcase,

Inc.,

Class

A

1,479

18,754

UniFirst

Corp.

83

14,062

Waste

Connections,

Inc.

7,791

1,209,631

1,540,261

Communications

Equipment

0.4%

ADTRAN

Holdings,

Inc.

465

2,913

Calix,

Inc.*

503

16,690

Common

Stocks

Shares

Value

($)

Communications

Equipment

Cisco

Systems,

Inc.

35,325

1,772,608

Clearfield,

Inc.*

248

6,247

CommScope

Holding

Co.,

Inc.*

3,756

8,714

Digi

International,

Inc.*

346

8,411

Extreme

Networks,

Inc.*

1,629

22,008

Harmonic,

Inc.*

1,048

12,262

Infinera

Corp.*

1,973

9,747

Motorola

Solutions,

Inc.

4,183

1,336,469

NetScout

Systems,

Inc.*

363

7,808

Viavi

Solutions,

Inc.*

1,715

16,858

3,220,735

Construction

&

Engineering

0.0%

†

Ameresco,

Inc.,

Class

A*

306

6,252

API

Group

Corp.*

1,635

51,535

Arcosa,

Inc.

402

31,469

Argan,

Inc.

303

13,432

Comfort

Systems

USA,

Inc.

408

88,728

Concrete

Pumping

Holdings,

Inc.*

1,142

8,816

Construction

Partners,

Inc.,

Class

A*

289

13,150

Dycom

Industries,

Inc.*

205

22,899

Fluor

Corp.*

992

37,408

Granite

Construction,

Inc.

385

17,367

IES

Holdings,

Inc.*

141

11,556

Limbach

Holdings,

Inc.*

139

5,977

MYR

Group,

Inc.*

93

13,378

Primoris

Services

Corp.

535

17,548

Sterling

Infrastructure,

Inc.*

282

21,178

360,693

Construction

Materials

0.1%

Knife

River

Corp.*

424

27,768

Martin

Marietta

Materials,

Inc.

1,627

827,199

Summit

Materials,

Inc.,

Class

A*

1,044

37,772

United

States

Lime

&

Minerals,

Inc.

18

4,656

897,395

Consumer

Finance

0.7%

American

Express

Co.

17,580

3,529,009

Bread

Financial

Holdings,

Inc.

314

11,389

Discover

Financial

Services

18,567

1,959,190

Encore

Capital

Group,

Inc.*

176

8,814

Enova

International,

Inc.*

292

15,893

FirstCash

Holdings,

Inc.

367

42,121

Green

Dot

Corp.,

Class

A*

228

2,054

LendingTree,

Inc.*

158

5,110

Navient

Corp.

1,354

23,316

Nelnet,

Inc.,

Class

A

100

8,713

PRA

Group,

Inc.*

268

6,102

PROG

Holdings,

Inc.*

459

14,064

Upstart

Holdings,

Inc.*

756

24,011

World

Acceptance

Corp.*

82

10,767

5,660,553

Consumer

Staples

Distribution

&

Retail

0.7%

Andersons,

Inc.

(The)

472

24,879

Chefs'

Warehouse,

Inc.

(The)*

171

5,441

Dollar

Tree,

Inc.*

21,437

2,800,101

Ingles

Markets,

Inc.,

Class

A

26

2,191

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Performance

Food

Group

Co.*

29,008

2,108,301

PriceSmart,

Inc.

326

24,783

SpartanNash

Co.

135

3,028

Sprouts

Farmers

Market,

Inc.*

885

44,577

United

Natural

Foods,

Inc.*

963

14,358

Village

Super

Market,

Inc.,

Class

A

171

4,349

Walmart,

Inc.

5,563

919,286

5,951,294

Containers

&

Packaging

0.5%

Avery

Dennison

Corp.

16,841

3,358,938

Crown

Holdings,

Inc.

9,528

843,228

Greif,

Inc.,

Class

A

195

12,209

Greif,

Inc.,

Class

B

179

11,223

Myers

Industries,

Inc.

599

11,231

O-I

Glass,

Inc.*

1,066

15,521

Pactiv

Evergreen,

Inc.

318

4,643

Ranpak

Holdings

Corp.,

Class

A*

312

1,285

4,258,278

Distributors

0.0%

†

Weyco

Group,

Inc.

141

4,528

Diversified

Consumer

Services

0.0%

†

Adtalem

Global

Education,

Inc.*

462

23,322

Carriage

Services,

Inc.,

Class

A

172

4,250

Chegg,

Inc.*

655

6,452

Coursera,

Inc.*

1,244

23,810

Duolingo,

Inc.,

Class

A*

271

48,479

Frontdoor,

Inc.*

1,025

33,579

Graham

Holdings

Co.,

Class

B

34

24,494

Laureate

Education,

Inc.

1,352

17,062

Nerdy,

Inc.*

995

3,055

OneSpaWorld

Holdings

Ltd.*

1,008

13,739

Perdoceo

Education

Corp.

1,162

21,032

Rover

Group,

Inc.,

Class

A*

374

4,092

Strategic

Education,

Inc.

206

19,376

Stride,

Inc.*

229

13,729

WW

International,

Inc.*

336

1,263

257,734

Diversified

REITs

0.0%

†

Alexander

&

Baldwin,

Inc.

1,255

21,736

American

Assets

Trust,

Inc.

447

10,026

Broadstone

Net

Lease,

Inc.

1,728

27,769

Empire

State

Realty

Trust,

Inc.,

Class

A

2,404

22,886

Essential

Properties

Realty

Trust,

Inc.

1,625

40,479

One

Liberty

Properties,

Inc.

466

9,432

132,328

Diversified

Telecommunication

Services

0.7%

AST

SpaceMobile,

Inc.,

Class

A*

1,482

4,253

AT&T,

Inc.

345,450

6,111,010

ATN

International,

Inc.

115

4,243

Cogent

Communications

Holdings,

Inc.

354

27,329

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Consolidated

Communications

Holdings,

Inc.*

999

4,336

EchoStar

Corp.,

Class

A*

1,217

16,296

Globalstar,

Inc.*

4,923

7,828

IDT

Corp.,

Class

B*

138

4,772

Liberty

Latin

America

Ltd.,

Class

A*

601

4,231

Liberty

Latin

America

Ltd.,

Class

C*

1,401

9,975

Lumen

Technologies,

Inc.*

14,479

17,664

Shenandoah

Telecommunications

Co.

228

4,672

6,216,609

Electric

Utilities

1.2%

ALLETE,

Inc.

556

32,865

Alliant

Energy

Corp.

7,940

386,360

American

Electric

Power

Co.,

Inc.

6,903

539,400

Constellation

Energy

Corp.

3,789

462,258

Duke

Energy

Corp.

9,299

891,123

Entergy

Corp.

3,689

368,015

FirstEnergy

Corp.

74,624

2,737,208

Genie

Energy

Ltd.,

Class

B

144

2,680

MGE

Energy,

Inc.

348

22,443

NextEra

Energy,

Inc.

30,175

1,769,160

Otter

Tail

Corp.

506

45,753

PG&E

Corp.

32,771

552,847

PNM

Resources,

Inc.

561

20,325

Portland

General

Electric

Co.

714

29,224

Xcel

Energy,

Inc.

34,707

2,077,908

9,937,569

Electrical

Equipment

0.9%

Array

Technologies,

Inc.*

1,241

16,431

Atkore,

Inc.*

389

59,334

Babcock

&

Wilcox

Enterprises,

Inc.*

3,174

4,190

Blink

Charging

Co.*

1,196

2,870

Bloom

Energy

Corp.,

Class

A*

1,281

14,501

Eaton

Corp.

plc

8,599

2,116,042

Emerson

Electric

Co.

11,620

1,065,903

Encore

Wire

Corp.

197

44,423

EnerSys

408

38,993

Enovix

Corp.*

821

7,644

Eos

Energy

Enterprises,

Inc.*

840

932

ESS

Tech,

Inc.*

3,738

3,850

Fluence

Energy,

Inc.,

Class

A*

404

8,027

LSI

Industries,

Inc.

311

4,248

NEXTracker,

Inc.,

Class

A*

914

41,377

nVent

Electric

plc

29,553

1,774,362

Powell

Industries,

Inc.

87

10,312

Preformed

Line

Products

Co.

67

8,191

Rockwell

Automation,

Inc.

8,497

2,152,120

SES

AI

Corp.*

1,971

2,582

Shoals

Technologies

Group,

Inc.,

Class

A*

1,180

15,541

Stem,

Inc.*

1,706

5,050

SunPower

Corp.*

1,392

4,218

Thermon

Group

Holdings,

Inc.*

380

12,456

Vicor

Corp.*

129

4,859

7,418,456

108

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

1.0%

Advanced

Energy

Industries,

Inc.

364

37,922

Aeva

Technologies,

Inc.*

5,321

4,534

Akoustis

Technologies,

Inc.*

6,019

3,452

Amphenol

Corp.,

Class

A

15,339

1,550,773

Arlo

Technologies,

Inc.*

411

3,650

Badger

Meter,

Inc.

325

46,797

Bel

Fuse,

Inc.,

Class

B

138

9,227

Belden,

Inc.

522

38,722

CDW

Corp.

16,288

3,692,815

Climb

Global

Solutions,

Inc.

96

5,301

CTS

Corp.

237

9,731

ePlus,

Inc.*

234

17,676

Evolv

Technologies

Holdings,

Inc.*

1,216

5,314

Fabrinet*

344

73,447

Insight

Enterprises,

Inc.*

259

47,848

Itron,

Inc.*

255

18,396

Keysight

Technologies,

Inc.*

14,410

2,208,477

Kimball

Electronics,

Inc.*

238

5,660

Knowles

Corp.*

940

15,331

Lightwave

Logic,

Inc.*

1,007

4,340

Methode

Electronics,

Inc.

442

9,176

MicroVision,

Inc.*

1,647

3,920

Mirion

Technologies,

Inc.,

Class

A*

880

8,316

Napco

Security

Technologies,

Inc.

256

8,896

Novanta,

Inc.*

320

49,456

OSI

Systems,

Inc.*

135

17,284

PAR

Technology

Corp.*

243

11,066

PC

Connection,

Inc.

255

16,450

Plexus

Corp.*

171

16,197

Rogers

Corp.*

106

12,219

Sanmina

Corp.*

416

24,885

ScanSource,

Inc.*

266

10,443

SmartRent,

Inc.,

Class

A*

1,772

5,227

Trimble,

Inc.*

7,965

405,100

TTM

Technologies,

Inc.*

1,021

14,202

Vishay

Intertechnology,

Inc.

1,502

32,638

Vishay

Precision

Group,

Inc.*

175

5,579

8,450,467

Energy

Equipment

&

Services

0.2%

Archrock,

Inc.

1,036

16,928

Atlas

Energy

Solutions,

Inc.

207

3,596

Borr

Drilling

Ltd.

1,402

8,622

Bristow

Group,

Inc.,

Class

A*

98

2,585

Cactus,

Inc.,

Class

A

542

23,002

ChampionX

Corp.

2,194

60,138

Core

Laboratories,

Inc.

328

5,173

Diamond

Offshore

Drilling,

Inc.*

766

9,345

Dril-Quip,

Inc.*

112

2,248

Expro

Group

Holdings

NV*

756

13,306

Helix

Energy

Solutions

Group,

Inc.*

1,271

11,947

Helmerich

&

Payne,

Inc.

1,067

42,957

Kodiak

Gas

Services,

Inc.

217

5,082

Liberty

Energy,

Inc.,

Class

A

1,986

41,289

Nabors

Industries

Ltd.*

81

6,851

Newpark

Resources,

Inc.*

676

4,387

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Noble

Corp.

plc

984

43,424

Oceaneering

International,

Inc.*

1,028

21,362

Oil

States

International,

Inc.*

1,386

8,552

Patterson-UTI

Energy,

Inc.

2,718

30,143

ProFrac

Holding

Corp.,

Class

A*

572

4,525

ProPetro

Holding

Corp.*

629

5,321

Ranger

Energy

Services,

Inc.,

Class

A

756

7,681

RPC,

Inc.

1,363

9,964

Schlumberger

NV

23,240

1,131,788

Seadrill

Ltd.*

411

17,763

Select

Water

Solutions,

Inc.,

Class

A

889

6,908

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

580

4,350

TETRA

Technologies,

Inc.*

738

3,092

Tidewater,

Inc.*

280

18,813

US

Silica

Holdings,

Inc.*

732

7,847

Valaris

Ltd.*

520

32,172

Weatherford

International

plc*

552

49,432

1,660,593

Entertainment

1.2%

Atlanta

Braves

Holdings,

Inc.,

Class

C*

263

10,602

Cinemark

Holdings,

Inc.*

1,074

14,853

Electronic

Arts,

Inc.

22,250

3,061,155

Endeavor

Group

Holdings,

Inc.,

Class

A

145,217

3,594,121

IMAX

Corp.*

401

5,602

Lions

Gate

Entertainment

Corp.,

Class

A*

856

8,928

Lions

Gate

Entertainment

Corp.,

Class

B*

1,707

16,558

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

540

18,004

Marcus

Corp.

(The)

289

3,925

Sphere

Entertainment

Co.*

54

1,910

TKO

Group

Holdings,

Inc.

14,409

1,205,889

Warner

Bros

Discovery,

Inc.*

207,400

2,078,148

10,019,695

Financial

Services

3.5%

Apollo

Global

Management,

Inc.

9,296

933,318

AvidXchange

Holdings,

Inc.*

605

6,631

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

342

8,225

Berkshire

Hathaway,

Inc.,

Class

B*

11,138

4,274,096

Cannae

Holdings,

Inc.*

223

4,516

Cass

Information

Systems,

Inc.

102

4,402

Compass

Diversified

Holdings

163

3,601

Enact

Holdings,

Inc.

484

13,789

Essent

Group

Ltd.

1,187

65,475

EVERTEC,

Inc.

937

37,630

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Financial

Services

Federal

Agricultural

Mortgage

Corp.,

Class

C

91

16,952

Fidelity

National

Information

Services,

Inc.

28,918

1,800,435

Fiserv,

Inc.*

39,058

5,541,158

Flywire

Corp.*

810

17,310

I3

Verticals,

Inc.,

Class

A*

65

1,218

International

Money

Express,

Inc.*

206

4,244

Jackson

Financial,

Inc.,

Class

A

873

43,711

Marqeta,

Inc.,

Class

A*

4,399

26,438

Mastercard,

Inc.,

Class

A

11,863

5,329,215

Mr.

Cooper

Group,

Inc.*

562

37,856

NMI

Holdings,

Inc.,

Class

A*

1,091

34,825

Pagseguro

Digital

Ltd.,

Class

A*

2,176

28,005

Payoneer

Global,

Inc.*

956

4,474

PennyMac

Financial

Services,

Inc.

156

13,606

Radian

Group,

Inc.

1,865

54,048

Remitly

Global,

Inc.*

637

10,918

Repay

Holdings

Corp.,

Class

A*

870

6,821

StoneCo

Ltd.,

Class

A*

2,952

50,745

Visa,

Inc.,

Class

A(a)

41,527

11,347,668

Walker

&

Dunlop,

Inc.

345

33,324

29,754,654

Food

Products

0.8%

B&G

Foods,

Inc.

872

8,772

Benson

Hill,

Inc.*

12,357

2,128

Beyond

Meat,

Inc.*

1,329

8,798

BRC,

Inc.,

Class

A*

1,108

4,188

Calavo

Growers,

Inc.

171

4,461

Cal-Maine

Foods,

Inc.

414

22,944

Dole

plc

1,089

12,295

Fresh

Del

Monte

Produce,

Inc.

374

9,193

Hain

Celestial

Group,

Inc.

(The)*

1,105

11,835

J

&

J

Snack

Foods

Corp.

93

14,808

John

B

Sanfilippo

&

Son,

Inc.

169

18,105

Lamb

Weston

Holdings,

Inc.

13,541

1,387,140

Lancaster

Colony

Corp.

171

31,426

McCormick

&

Co.,

Inc.

(Non-Voting)

26,029

1,774,137

Mondelez

International,

Inc.,

Class

A

35,513

2,673,064

Simply

Good

Foods

Co.

(The)*

9,050

342,090

SunOpta,

Inc.*

834

4,962

TreeHouse

Foods,

Inc.*

407

17,135

Utz

Brands,

Inc.

25,258

447,067

6,794,548

Gas

Utilities

0.0%

†

Brookfield

Infrastructure

Corp.,

Class

A

1,272

44,533

Chesapeake

Utilities

Corp.

213

21,573

New

Jersey

Resources

Corp.

785

32,052

Northwest

Natural

Holding

Co.

320

11,795

ONE

Gas,

Inc.

590

36,208

Southwest

Gas

Holdings,

Inc.

428

25,115

Common

Stocks

Shares

Value

($)

Gas

Utilities

Spire,

Inc.

398

22,594

193,870

Ground

Transportation

1.4%

ArcBest

Corp.

285

33,952

CSX

Corp.

46,413

1,656,944

Daseke,

Inc.*

929

7,562

Heartland

Express,

Inc.

119

1,541

Marten

Transport

Ltd.

678

12,543

Old

Dominion

Freight

Line,

Inc.

5,678

2,220,212

RXO,

Inc.*

699

14,539

Saia,

Inc.*

8,299

3,739,363

TuSimple

Holdings,

Inc.,

Class

A*

10,393

2,394

Uber

Technologies,

Inc.*

22,421

1,463,419

Union

Pacific

Corp.

8,990

2,192,931

Universal

Logistics

Holdings,

Inc.

152

4,639

Werner

Enterprises,

Inc.

465

18,391

11,368,430

Health

Care

Equipment

&

Supplies

2.1%

Accuray,

Inc.*

1,508

3,906

Alphatec

Holdings,

Inc.*

793

12,759

Artivion,

Inc.*

463

7,741

AtriCure,

Inc.*

348

11,853

Atrion

Corp.

21

7,140

Avanos

Medical,

Inc.*

359

6,889

Axonics,

Inc.*

364

24,708

Boston

Scientific

Corp.*

40,762

2,578,604

Cerus

Corp.*

2,599

4,704

CONMED

Corp.

278

26,577

Cooper

Cos.,

Inc.

(The)

8,150

3,040,195

Dexcom,

Inc.*

11,646

1,413,242

Embecta

Corp.

714

12,238

Glaukos

Corp.*

406

36,146

Haemonetics

Corp.*

592

45,264

Inari

Medical,

Inc.*

410

23,350

Inmode

Ltd.*

946

22,411

Integer

Holdings

Corp.*

246

24,925

Intuitive

Surgical,

Inc.*

6,369

2,408,883

iRadimed

Corp.

323

13,375

iRhythm

Technologies,

Inc.*

259

31,023

Lantheus

Holdings,

Inc.*

624

32,404

LeMaitre

Vascular,

Inc.

301

17,470

LivaNova

plc*

398

19,375

Medtronic

plc

36,438

3,189,783

Merit

Medical

Systems,

Inc.*

548

42,908

Nano-X

Imaging

Ltd.*

229

1,246

Neogen

Corp.*

1,636

25,358

Nevro

Corp.*

229

3,792

Omnicell,

Inc.*

373

11,999

OraSure

Technologies,

Inc.*

1,246

9,183

Orthofix

Medical,

Inc.*

216

3,000

Paragon

28,

Inc.*

200

2,536

PROCEPT

BioRobotics

Corp.*

242

11,205

RxSight,

Inc.*

200

9,102

Semler

Scientific,

Inc.*

175

7,751

SI-BONE,

Inc.*

469

9,479

Silk

Road

Medical,

Inc.*

291

4,403

STAAR

Surgical

Co.*

392

10,980

Surmodics,

Inc.*

110

3,873

110

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Tactile

Systems

Technology,

Inc.*

524

7,949

TransMedics

Group,

Inc.*

256

21,957

Treace

Medical

Concepts,

Inc.*

111

1,496

UFP

Technologies,

Inc.*

97

16,345

Utah

Medical

Products,

Inc.

105

8,317

Varex

Imaging

Corp.*

229

4,413

Zimmer

Biomet

Holdings,

Inc.

37,363

4,692,793

Zynex,

Inc.*

564

6,678

17,931,728

Health

Care

Providers

&

Services

2.5%

Accolade,

Inc.*

868

9,826

AdaptHealth

Corp.,

Class

A*

1,020

7,364

Addus

HomeCare

Corp.*

106

9,180

Agiliti,

Inc.*

702

4,977

AirSculpt

Technologies,

Inc.*

595

4,320

Alignment

Healthcare,

Inc.*

786

5,266

AMN

Healthcare

Services,

Inc.*

341

25,237

Apollo

Medical

Holdings,

Inc.*

413

14,352

Brookdale

Senior

Living,

Inc.*

1,093

5,979

Cencora,

Inc.

11,419

2,656,973

CorVel

Corp.*

81

19,063

Cross

Country

Healthcare,

Inc.*

224

4,760

CVS

Health

Corp.

64,434

4,791,957

DocGo,

Inc.*

830

3,071

Enhabit,

Inc.*

852

8,597

Ensign

Group,

Inc.

(The)

439

49,704

Guardant

Health,

Inc.*

1,086

23,816

HCA

Healthcare,

Inc.

4,610

1,405,589

HealthEquity,

Inc.*

746

56,383

Hims

&

Hers

Health,

Inc.*

1,205

10,339

Humana,

Inc.

8,303

3,139,032

Invitae

Corp.*

11,005

4,292

LifeStance

Health

Group,

Inc.*

938

5,609

McKesson

Corp.

1,859

929,295

ModivCare,

Inc.*

90

3,579

National

HealthCare

Corp.

199

18,515

National

Research

Corp.

194

7,644

NeoGenomics,

Inc.*

1,080

16,038

OPKO

Health,

Inc.*

1,439

1,468

Option

Care

Health,

Inc.*

1,638

51,171

Owens

&

Minor,

Inc.*

732

14,428

Patterson

Cos.,

Inc.

932

27,829

Pediatrix

Medical

Group,

Inc.*

998

9,341

PetIQ,

Inc.,

Class

A*

524

9,416

Privia

Health

Group,

Inc.*

619

12,479

Progyny,

Inc.*

645

24,568

Quest

Diagnostics,

Inc.

3,789

486,621

RadNet,

Inc.*

353

13,050

Select

Medical

Holdings

Corp.

1,296

33,683

Surgery

Partners,

Inc.*

516

15,836

UnitedHealth

Group,

Inc.

13,933

7,130,073

US

Physical

Therapy,

Inc.

115

10,610

Viemed

Healthcare,

Inc.*

565

4,588

21,085,918

Health

Care

REITs

0.3%

CareTrust

REIT,

Inc.

1,128

23,598

Diversified

Healthcare

Trust

1,883

5,404

Common

Stocks

Shares

Value

($)

Health

Care

REITs

LTC

Properties,

Inc.

286

8,915

National

Health

Investors,

Inc.

563

29,940

Physicians

Realty

Trust

1,883

23,048

Sabra

Health

Care

REIT,

Inc.

2,124

28,334

Universal

Health

Realty

Income

Trust

241

9,594

Ventas,

Inc.

46,436

2,154,166

2,282,999

Health

Care

Technology

0.0%

†

American

Well

Corp.,

Class

A*

3,355

3,523

Definitive

Healthcare

Corp.,

Class

A*

488

4,148

Evolent

Health,

Inc.,

Class

A*

760

22,351

Health

Catalyst,

Inc.*

499

4,875

HealthStream,

Inc.

514

13,683

Multiplan

Corp.*

1,799

1,817

Phreesia,

Inc.*

626

15,950

Schrodinger,

Inc.*

486

12,855

Sharecare,

Inc.*

2,290

2,588

Simulations

Plus,

Inc.

358

13,568

95,358

Hotel

&

Resort

REITs

0.0%

†

Apple

Hospitality

REIT,

Inc.

2,665

42,800

DiamondRock

Hospitality

Co.

2,033

18,581

RLJ

Lodging

Trust

2,319

26,854

Ryman

Hospitality

Properties,

Inc.

661

72,644

Service

Properties

Trust

2,745

21,219

Summit

Hotel

Properties,

Inc.

543

3,519

Xenia

Hotels

&

Resorts,

Inc.

472

6,292

191,909

Hotels,

Restaurants

&

Leisure

2.4%

Accel

Entertainment,

Inc.,

Class

A*

1,034

10,599

Bally's

Corp.*

426

4,797

Bloomin'

Brands,

Inc.

674

17,942

Booking

Holdings,

Inc.*

465

1,630,974

Brinker

International,

Inc.*

420

17,972

Cheesecake

Factory,

Inc.

(The)

447

15,363

Chuy's

Holdings,

Inc.*

166

5,612

Cracker

Barrel

Old

Country

Store,

Inc.

169

13,072

Dave

&

Buster's

Entertainment,

Inc.*

472

25,266

Denny's

Corp.*

1,051

11,172

Dine

Brands

Global,

Inc.

50

2,333

Domino's

Pizza,

Inc.

5,908

2,518,108

DraftKings,

Inc.,

Class

A*

12,919

504,487

Everi

Holdings,

Inc.*

574

5,975

Expedia

Group,

Inc.*

17,718

2,628,111

First

Watch

Restaurant

Group,

Inc.*

209

4,485

Golden

Entertainment,

Inc.

161

6,179

Hilton

Grand

Vacations,

Inc.*

478

19,933

International

Game

Technology

plc

1,369

35,539

Jack

in

the

Box,

Inc.

103

8,031

Krispy

Kreme,

Inc.

234

3,110

Kura

Sushi

USA,

Inc.,

Class

A*

13

1,276

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Las

Vegas

Sands

Corp.

34,396

1,682,652

Life

Time

Group

Holdings,

Inc.*

358

4,761

Light

&

Wonder,

Inc.*

978

78,612

Lindblad

Expeditions

Holdings,

Inc.*

145

1,340

Marriott

International,

Inc.,

Class

A

4,183

1,002,791

McDonald's

Corp.

22,987

6,728,755

Papa

John's

International,

Inc.

201

14,769

PlayAGS,

Inc.*

1,209

10,530

Portillo's,

Inc.,

Class

A*

606

8,326

Potbelly

Corp.*

452

5,686

Red

Robin

Gourmet

Burgers,

Inc.*

392

3,991

Red

Rock

Resorts,

Inc.,

Class

A

443

24,223

Rush

Street

Interactive,

Inc.*

1,118

5,825

Sabre

Corp.*

2,610

10,701

SeaWorld

Entertainment,

Inc.*

406

20,056

Shake

Shack,

Inc.,

Class

A*

425

32,113

Six

Flags

Entertainment

Corp.*

939

23,672

Soho

House

&

Co.,

Inc.,

Class

A*

94,588

581,716

Super

Group

SGHC

Ltd.*

1,157

3,621

Sweetgreen,

Inc.,

Class

A*

1,296

13,841

Xponential

Fitness,

Inc.,

Class

A*

95

1,051

Yum!

Brands,

Inc.

16,057

2,079,221

19,828,589

Household

Durables

0.6%

Beazer

Homes

USA,

Inc.*

132

4,191

Cavco

Industries,

Inc.*

72

23,898

Century

Communities,

Inc.

349

30,258

Dream

Finders

Homes,

Inc.,

Class

A*

129

4,240

Green

Brick

Partners,

Inc.*

402

20,973

Helen

of

Troy

Ltd.*

154

17,633

Hooker

Furnishings

Corp.

179

4,131

Hovnanian

Enterprises,

Inc.,

Class

A*

70

11,828

Installed

Building

Products,

Inc.

265

51,635

KB

Home

948

56,491

La-Z-Boy,

Inc.

147

5,117

Lennar

Corp.,

Class

A

26,551

3,978,668

LGI

Homes,

Inc.*

99

11,683

Lovesac

Co.

(The)*

188

4,354

M/I

Homes,

Inc.*

206

26,249

MDC

Holdings,

Inc.

607

37,986

Meritage

Homes

Corp.

371

61,441

Skyline

Champion

Corp.*

323

22,119

Sonos,

Inc.*

321

5,001

Taylor

Morrison

Home

Corp.,

Class

A*

1,201

62,620

Toll

Brothers,

Inc.

2,131

211,715

Tri

Pointe

Homes,

Inc.*

1,172

40,469

Worthington

Enterprises,

Inc.

290

16,542

4,709,242

Household

Products

1.8%

Central

Garden

&

Pet

Co.*

99

4,643

Common

Stocks

Shares

Value

($)

Household

Products

Central

Garden

&

Pet

Co.,

Class

A*

380

15,687

Colgate-Palmolive

Co.

52,167

4,392,461

Energizer

Holdings,

Inc.

824

26,055

Procter

&

Gamble

Co.

(The)

66,829

10,501,509

WD-40

Co.

110

28,488

14,968,843

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Altus

Power,

Inc.,

Class

A*

695

3,746

Montauk

Renewables,

Inc.*

546

3,773

NextEra

Energy

Partners

LP

947

28,268

Ormat

Technologies,

Inc.

354

22,897

Sunnova

Energy

International,

Inc.*

5,923

62,310

Vistra

Corp.

7,502

307,807

428,801

Industrial

Conglomerates

0.7%

Brookfield

Business

Corp.,

Class

A

83

1,907

General

Electric

Co.

29,422

3,896,061

Honeywell

International,

Inc.

11,620

2,350,261

6,248,229

Industrial

REITs

0.4%

Innovative

Industrial

Properties,

Inc.

313

29,181

LXP

Industrial

Trust

2,790

25,361

Prologis,

Inc.

24,117

3,055,383

Terreno

Realty

Corp.

714

42,647

3,152,572

Insurance

3.9%

Allstate

Corp.

(The)

64,137

9,957,269

Ambac

Financial

Group,

Inc.*

276

4,485

American

Coastal

Insurance

Corp.*

389

4,501

American

Equity

Investment

Life

Holding

Co.*

515

28,433

American

Financial

Group,

Inc.

18,796

2,263,038

American

International

Group,

Inc.

26,726

1,857,724

AMERISAFE,

Inc.

262

13,058

Arch

Capital

Group

Ltd.*

28,730

2,368,214

Assurant,

Inc.

9,528

1,600,228

BRP

Group,

Inc.,

Class

A*

330

7,405

CNO

Financial

Group,

Inc.

1,331

36,176

eHealth,

Inc.*

645

4,386

Employers

Holdings,

Inc.

176

7,343

Enstar

Group

Ltd.*

100

26,689

F&G

Annuities

&

Life,

Inc.

105

4,708

Fidelis

Insurance

Holdings

Ltd.*

287

3,737

Genworth

Financial,

Inc.,

Class

A*

4,528

27,938

Globe

Life,

Inc.

18,813

2,310,613

Goosehead

Insurance,

Inc.,

Class

A*

155

11,966

HCI

Group,

Inc.

51

4,573

Hippo

Holdings,

Inc.*

491

4,542

Horace

Mann

Educators

Corp.

487

17,936

112

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Insurance

James

River

Group

Holdings

Ltd.

632

6,048

Lemonade,

Inc.*

614

9,713

Marsh

&

McLennan

Cos.,

Inc.

14,626

2,835,104

MBIA,

Inc.

776

4,718

Mercury

General

Corp.

281

11,254

MetLife,

Inc.

11,853

821,650

Oscar

Health,

Inc.,

Class

A*

1,229

15,387

Palomar

Holdings,

Inc.*

241

14,429

Progressive

Corp.

(The)

34,115

6,080,999

Selective

Insurance

Group,

Inc.

624

65,433

SiriusPoint

Ltd.*

1,116

13,169

Skyward

Specialty

Insurance

Group,

Inc.*

128

3,981

Stewart

Information

Services

Corp.

313

19,300

Tiptree,

Inc.,

Class

A

263

4,979

Trupanion,

Inc.*

312

8,486

Universal

Insurance

Holdings,

Inc.

828

13,761

Unum

Group

47,436

2,293,056

32,786,429

Interactive

Media

&

Services

5.2%

Alphabet,

Inc.,

Class

A*

158,753

22,241,295

Alphabet,

Inc.,

Class

C*

99,805

14,152,349

Bumble,

Inc.,

Class

A*

568

7,793

Cargurus,

Inc.,

Class

A*

980

22,775

Cars.com,

Inc.*

445

7,756

Eventbrite,

Inc.,

Class

A*

667

5,583

fuboTV,

Inc.*

2,918

7,266

Match

Group,

Inc.*

65,104

2,498,692

Meta

Platforms,

Inc.,

Class

A*

13,448

5,246,603

Nextdoor

Holdings,

Inc.*

1,935

2,941

Shutterstock,

Inc.

267

12,541

TrueCar,

Inc.*

2,177

7,707

Vimeo,

Inc.*

1,937

7,690

Yelp,

Inc.,

Class

A*

807

35,290

Ziff

Davis,

Inc.*

396

26,690

ZipRecruiter,

Inc.,

Class

A*

787

10,955

44,293,926

IT

Services

0.9%

Accenture

plc,

Class

A

18,518

6,738,330

Applied

Digital

Corp.*

490

2,518

BigBear.ai

Holdings,

Inc.*

2,572

4,167

BigCommerce

Holdings,

Inc.,

Series

1*

235

1,922

Couchbase,

Inc.*

255

6,375

DigitalOcean

Holdings,

Inc.*

678

22,862

Fastly,

Inc.,

Class

A*

948

19,074

Gartner,

Inc.*

1,184

541,609

Grid

Dynamics

Holdings,

Inc.*

335

4,372

Hackett

Group,

Inc.

(The)

528

12,207

Perficient,

Inc.*

277

18,872

Rackspace

Technology,

Inc.*

3,137

5,270

Squarespace,

Inc.,

Class

A*

463

14,353

Thoughtworks

Holding,

Inc.*

660

3,089

Unisys

Corp.*

492

3,316

Wix.com

Ltd.*

2,368

300,452

7,698,788

Common

Stocks

Shares

Value

($)

Leisure

Products

0.0%

†

Acushnet

Holdings

Corp.

373

23,626

AMMO,

Inc.*

1,959

4,251

Escalade,

Inc.

224

3,597

JAKKS

Pacific,

Inc.*

128

4,014

Latham

Group,

Inc.*

1,709

4,324

Malibu

Boats,

Inc.,

Class

A*

76

3,173

Marine

Products

Corp.

584

5,963

MasterCraft

Boat

Holdings,

Inc.*

422

8,174

Smith

&

Wesson

Brands,

Inc.

140

1,828

Topgolf

Callaway

Brands

Corp.*

558

7,349

Vista

Outdoor,

Inc.*

574

16,112

82,411

Life

Sciences

Tools

&

Services

1.8%

Adaptive

Biotechnologies

Corp.*

287

1,053

Agilent

Technologies,

Inc.

19,690

2,561,669

Avantor,

Inc.*

45,885

1,054,896

BioLife

Solutions,

Inc.*

268

4,556

Codexis,

Inc.*

429

1,128

CryoPort,

Inc.*

288

4,179

Cytek

Biosciences,

Inc.*

1,095

8,267

Danaher

Corp.

15,519

3,723,163

IQVIA

Holdings,

Inc.*

3,839

799,395

MaxCyte,

Inc.*

944

4,805

Mesa

Laboratories,

Inc.

96

8,796

Mettler-Toledo

International,

Inc.*

1,592

1,905,927

OmniAb,

Inc.*

684

3,967

Pacific

Biosciences

of

California,

Inc.*

2,645

17,219

Quanterix

Corp.*

299

6,605

Quantum-Si,

Inc.*

2,688

4,193

Thermo

Fisher

Scientific,

Inc.

5,532

2,981,637

West

Pharmaceutical

Services,

Inc.

5,513

2,056,515

15,147,970

Machinery

2.9%

3D

Systems

Corp.*

915

4,383

Alamo

Group,

Inc.

83

17,619

Albany

International

Corp.,

Class

A

205

18,227

Barnes

Group,

Inc.

123

4,073

Blue

Bird

Corp.*

151

4,399

Caterpillar,

Inc.

17,143

5,148,214

Chart

Industries,

Inc.*

330

38,518

Columbus

McKinnon

Corp.

342

13,362

Cummins,

Inc.

10,127

2,423,391

Deere

&

Co.

2,789

1,097,695

Desktop

Metal,

Inc.,

Class

A*

6,456

4,188

Douglas

Dynamics,

Inc.

86

2,163

Energy

Recovery,

Inc.*

297

4,606

Enerpac

Tool

Group

Corp.,

Class

A

945

29,512

Enpro,

Inc.

166

24,797

ESCO

Technologies,

Inc.

188

19,152

Federal

Signal

Corp.

479

36,873

Fortive

Corp.

27,496

2,149,637

Franklin

Electric

Co.,

Inc.

496

46,753

Gorman-Rupp

Co.

(The)

415

13,857

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Machinery

Greenbrier

Cos.,

Inc.

(The)

218

9,910

Helios

Technologies,

Inc.

66

2,723

Hillenbrand,

Inc.

374

17,417

Hillman

Solutions

Corp.*

1,255

11,031

Hyliion

Holdings

Corp.*

3,111

3,267

Illinois

Tool

Works,

Inc.

10,117

2,639,525

Ingersoll

Rand,

Inc.

17,378

1,387,807

ITT,

Inc.

20,017

2,417,653

John

Bean

Technologies

Corp.

178

17,579

Kadant,

Inc.

88

25,168

Kennametal,

Inc.

913

22,387

Lindsay

Corp.

112

14,572

Manitowoc

Co.,

Inc.

(The)*

629

10,127

Microvast

Holdings,

Inc.*

3,255

3,053

Mueller

Industries,

Inc.

1,304

62,592

Mueller

Water

Products,

Inc.,

Class

A

1,167

16,000

Nikola

Corp.*

4,468

3,339

Otis

Worldwide

Corp.

6,157

544,525

Parker-Hannifin

Corp.

3,741

1,737,695

Proto

Labs,

Inc.*

298

10,755

REV

Group,

Inc.

217

4,236

Shyft

Group,

Inc.

(The)

569

6,162

SPX

Technologies,

Inc.*

375

37,740

Standex

International

Corp.

178

26,284

Stanley

Black

&

Decker,

Inc.

23,248

2,169,038

Tennant

Co.

274

25,899

Terex

Corp.

689

42,325

Titan

International,

Inc.*

960

14,170

Trinity

Industries,

Inc.

453

11,388

Wabash

National

Corp.

767

19,405

Watts

Water

Technologies,

Inc.,

Class

A

316

62,571

Xylem,

Inc.

15,726

1,768,231

24,245,993

Marine

Transportation

0.0%

†

Genco

Shipping

&

Trading

Ltd.

886

15,540

Golden

Ocean

Group

Ltd.

454

4,799

Matson,

Inc.

398

44,588

Pangaea

Logistics

Solutions

Ltd.

228

2,125

67,052

Media

0.0%

†

Advantage

Solutions,

Inc.*

733

2,954

AMC

Networks,

Inc.,

Class

A*

243

4,396

Cardlytics,

Inc.*

317

2,422

Clear

Channel

Outdoor

Holdings,

Inc.*

1,429

2,458

EW

Scripps

Co.

(The),

Class

A*

1,192

9,500

Gray

Television,

Inc.

1,346

12,854

iHeartMedia,

Inc.,

Class

A*

2,682

7,268

John

Wiley

&

Sons,

Inc.,

Class

A

423

14,314

Magnite,

Inc.*

558

4,938

Scholastic

Corp.

333

12,801

Sinclair,

Inc.

578

9,075

TechTarget,

Inc.*

70

2,392

TEGNA,

Inc.

2,429

37,868

Thryv

Holdings,

Inc.*

485

9,913

Common

Stocks

Shares

Value

($)

Media

Townsquare

Media,

Inc.,

Class

A

482

5,177

WideOpenWest,

Inc.*

1,186

4,400

142,730

Metals

&

Mining

0.6%

Alpha

Metallurgical

Resources,

Inc.

109

43,517

ATI,

Inc.*

1,056

43,159

Barrick

Gold

Corp.

20,840

325,104

BHP

Group

Ltd.,

ADR-AU

6,631

405,950

Carpenter

Technology

Corp.

312

19,216

Century

Aluminum

Co.*

389

4,337

Coeur

Mining,

Inc.*

2,781

7,481

Commercial

Metals

Co.

1,327

69,296

Compass

Minerals

International,

Inc.

242

5,443

Constellium

SE,

Class

A*

940

17,625

Freeport-McMoRan,

Inc.

25,564

1,014,635

Haynes

International,

Inc.

79

4,398

Hecla

Mining

Co.

4,136

15,758

Ivanhoe

Electric,

Inc.*

264

2,207

Kaiser

Aluminum

Corp.

181

11,747

Materion

Corp.

201

23,511

Novagold

Resources,

Inc.*

3,208

8,212

Nucor

Corp.

3,315

619,673

Olympic

Steel,

Inc.

218

14,732

Piedmont

Lithium,

Inc.*

121

1,849

Ramaco

Resources,

Inc.,

Class

A

241

4,550

Ryerson

Holding

Corp.

468

16,062

Schnitzer

Steel

Industries,

Inc.,

Class

A

366

9,637

Steel

Dynamics,

Inc.

21,995

2,654,577

SunCoke

Energy,

Inc.

1,852

18,983

TimkenSteel

Corp.*

621

12,761

Warrior

Met

Coal,

Inc.

535

34,331

Worthington

Steel,

Inc.*

188

5,631

5,414,382

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Angel

Oak

Mortgage

REIT,

Inc.

119

1,270

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,215

13,559

Arbor

Realty

Trust,

Inc.

1,437

19,112

Ares

Commercial

Real

Estate

Corp.

1,097

10,433

ARMOUR

Residential

REIT,

Inc.

126

2,400

Blackstone

Mortgage

Trust,

Inc.,

Class

A

1,460

28,820

BrightSpire

Capital,

Inc.,

Class

A

1,634

11,683

Chicago

Atlantic

Real

Estate

Finance,

Inc.

269

4,269

Chimera

Investment

Corp.

730

3,504

Claros

Mortgage

Trust,

Inc.

743

8,723

Dynex

Capital,

Inc.

576

7,050

Franklin

BSP

Realty

Trust,

Inc.

1,332

17,076

Granite

Point

Mortgage

Trust,

Inc.

780

4,376

114

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,066

25,360

Invesco

Mortgage

Capital,

Inc.

505

4,449

KKR

Real

Estate

Finance

Trust,

Inc.

916

11,212

Ladder

Capital

Corp.,

Class

A

1,616

17,663

MFA

Financial,

Inc.

348

3,852

New

York

Mortgage

Trust,

Inc.

172

1,349

PennyMac

Mortgage

Investment

Trust

1,010

14,483

Ready

Capital

Corp.

1,426

13,362

Redwood

Trust,

Inc.

1,128

7,569

TPG

RE

Finance

Trust,

Inc.

894

5,445

Two

Harbors

Investment

Corp.

759

9,457

246,476

Multi-Utilities

0.9%

Ameren

Corp.

26,535

1,846,040

Avista

Corp.

601

20,440

Black

Hills

Corp.

579

29,969

CenterPoint

Energy,

Inc.

18,708

522,702

Dominion

Energy,

Inc.

14,586

666,872

DTE

Energy

Co.

4,263

449,406

NiSource,

Inc.

46,622

1,210,773

Northwestern

Energy

Group,

Inc.

657

31,615

Public

Service

Enterprise

Group,

Inc.

7,673

444,957

Sempra

8,831

631,946

Unitil

Corp.

109

5,180

WEC

Energy

Group,

Inc.

26,203

2,116,154

7,976,054

Office

REITs

0.0%

†

Brandywine

Realty

Trust

1,450

6,873

COPT

Defense

Properties

1,482

34,916

Douglas

Emmett,

Inc.

1,205

16,328

Easterly

Government

Properties,

Inc.,

Class

A

976

11,985

Equity

Commonwealth

644

12,307

Hudson

Pacific

Properties,

Inc.

1,581

12,948

JBG

SMITH

Properties

728

11,648

Office

Properties

Income

Trust

1,831

6,720

Orion

Office

REIT,

Inc.

1,662

8,543

Paramount

Group,

Inc.

2,363

11,224

Peakstone

Realty

Trust

731

10,585

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

1,608

10,934

155,011

Oil,

Gas

&

Consumable

Fuels

3.7%

APA

Corp.

29,582

926,804

Ardmore

Shipping

Corp.

984

16,305

Berry

Corp.

1,590

10,669

California

Resources

Corp.

827

39,431

Callon

Petroleum

Co.*

358

11,499

Centrus

Energy

Corp.,

Class

A*

159

7,985

Cheniere

Energy,

Inc.

2,894

474,587

Chesapeake

Energy

Corp.

13,530

1,043,298

Chevron

Corp.

35,482

5,231,111

Chord

Energy

Corp.

462

71,037

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Civitas

Resources,

Inc.

702

45,497

CNX

Resources

Corp.*

1,460

29,492

Comstock

Resources,

Inc.

108

844

ConocoPhillips

23,945

2,678,727

Crescent

Energy

Co.,

Class

A

308

3,403

CVR

Energy,

Inc.

425

14,335

Delek

US

Holdings,

Inc.

565

15,272

DHT

Holdings,

Inc.

1,634

18,170

Diamondback

Energy,

Inc.

4,088

628,489

Dorian

LPG

Ltd.

457

17,110

DT

Midstream,

Inc.

2,131

114,413

Energy

Fuels,

Inc.*

1,211

9,143

EOG

Resources,

Inc.

9,064

1,031,393

EQT

Corp.

15,571

551,213

Equitrans

Midstream

Corp.

3,407

34,717

Evolution

Petroleum

Corp.

1,341

7,523

Exxon

Mobil

Corp.

75,953

7,808,728

FLEX

LNG

Ltd.

394

11,808

Gevo,

Inc.*

3,886

3,629

Golar

LNG

Ltd.

790

17,230

Green

Plains,

Inc.*

301

6,240

Gulfport

Energy

Corp.*

43

5,457

HF

Sinclair

Corp.

38,005

2,146,903

International

Seaways,

Inc.

649

34,812

Kosmos

Energy

Ltd.*

3,579

21,689

Magnolia

Oil

&

Gas

Corp.,

Class

A

1,850

38,147

Marathon

Oil

Corp.

87,455

1,998,347

Marathon

Petroleum

Corp.

19,795

3,278,052

Matador

Resources

Co.

1,016

55,768

Murphy

Oil

Corp.

1,521

58,863

Nordic

American

Tankers

Ltd.

2,149

9,563

Northern

Oil

and

Gas,

Inc.

582

19,497

ONEOK,

Inc.

8,061

550,163

Overseas

Shipholding

Group,

Inc.,

Class

A

1,742

10,626

Par

Pacific

Holdings,

Inc.*

491

17,966

PBF

Energy,

Inc.,

Class

A

1,112

56,167

Permian

Resources

Corp.,

Class

A

3,526

47,531

Phillips

66

7,437

1,073,234

PrimeEnergy

Resources

Corp.*

52

5,002

REX

American

Resources

Corp.*

234

9,685

Scorpio

Tankers,

Inc.

686

48,500

SFL

Corp.

Ltd.

830

10,101

Sitio

Royalties

Corp.,

Class

A

613

13,075

SM

Energy

Co.

1,141

42,308

Talos

Energy,

Inc.*

663

8,599

Targa

Resources

Corp.

3,291

279,603

Teekay

Corp.*

1,373

12,343

Teekay

Tankers

Ltd.,

Class

A

319

19,954

Tellurian,

Inc.*

9,683

4,851

Uranium

Energy

Corp.*

2,995

22,882

VAALCO

Energy,

Inc.

1,780

7,583

Vitesse

Energy,

Inc.

498

10,463

Williams

Cos.,

Inc.

(The)

19,057

660,516

World

Kinect

Corp.

426

9,615

31,467,967

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

0.0%

†

Sylvamo

Corp.

456

21,172

Passenger

Airlines

0.1%

Allegiant

Travel

Co.

129

10,114

Blade

Air

Mobility,

Inc.*

1,402

4,178

Delta

Air

Lines,

Inc.

27,595

1,080,068

Hawaiian

Holdings,

Inc.*

627

8,935

JetBlue

Airways

Corp.*

2,862

15,197

Joby

Aviation,

Inc.*

2,909

15,883

SkyWest,

Inc.*

220

11,717

Spirit

Airlines,

Inc.

1,570

9,875

Sun

Country

Airlines

Holdings,

Inc.*

312

4,247

1,160,214

Personal

Care

Products

0.4%

Beauty

Health

Co.

(The)*

2,249

6,590

BellRing

Brands,

Inc.*

1,023

56,541

Edgewell

Personal

Care

Co.

432

16,006

elf

Beauty,

Inc.*

466

74,341

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

3,315

437,547

Herbalife

Ltd.*

970

11,688

Inter

Parfums,

Inc.

144

20,038

Kenvue,

Inc.

149,025

3,093,759

Medifast,

Inc.

150

8,197

Nature's

Sunshine

Products,

Inc.*

530

9,227

Nu

Skin

Enterprises,

Inc.,

Class

A

490

9,094

USANA

Health

Sciences,

Inc.*

102

4,776

3,747,804

Pharmaceuticals

2.9%

Amneal

Pharmaceuticals,

Inc.*

1,524

8,153

Amphastar

Pharmaceuticals,

Inc.*

489

26,093

Amylyx

Pharmaceuticals,

Inc.*

391

6,256

ANI

Pharmaceuticals,

Inc.*

221

12,336

Arvinas,

Inc.*

384

15,936

Assertio

Holdings,

Inc.*

3,484

3,075

AstraZeneca

plc,

ADR-UK

28,556

1,902,972

Axsome

Therapeutics,

Inc.*

316

28,449

Bristol-Myers

Squibb

Co.

59,636

2,914,411

Cassava

Sciences,

Inc.*

326

7,808

Collegium

Pharmaceutical,

Inc.*

536

17,667

Corcept

Therapeutics,

Inc.*

845

17,830

Cymabay

Therapeutics,

Inc.*

911

21,418

Edgewise

Therapeutics,

Inc.*

516

9,200

Eli

Lilly

&

Co.

16,123

10,409,170

Evolus,

Inc.*

474

6,015

EyePoint

Pharmaceuticals,

Inc.*

216

5,817

Harmony

Biosciences

Holdings,

Inc.*

404

12,742

Innoviva,

Inc.*

555

8,991

Intra-Cellular

Therapies,

Inc.*

809

54,478

Johnson

&

Johnson

40,921

6,502,347

Ligand

Pharmaceuticals,

Inc.*

140

10,234

Marinus

Pharmaceuticals,

Inc.*

416

4,052

Merck

&

Co.,

Inc.

5,404

652,695

Nuvation

Bio,

Inc.*

2,986

4,837

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Ocular

Therapeutix,

Inc.*

959

4,661

Omeros

Corp.*

1,947

6,308

Pacira

BioSciences,

Inc.*

389

12,678

Phibro

Animal

Health

Corp.,

Class

A

366

3,956

Prestige

Consumer

Healthcare,

Inc.*

554

34,093

Revance

Therapeutics,

Inc.*

234

1,177

SIGA

Technologies,

Inc.

845

4,124

Supernus

Pharmaceuticals,

Inc.*

457

12,650

Taro

Pharmaceutical

Industries

Ltd.*

113

4,865

Theravance

Biopharma,

Inc.*

398

3,773

Verrica

Pharmaceuticals,

Inc.*

648

3,661

WaVe

Life

Sciences

Ltd.*

798

3,447

Xeris

Biopharma

Holdings,

Inc.*

1,960

4,822

Zoetis,

Inc.,

Class

A

7,204

1,352,983

24,116,180

Professional

Services

0.5%

Alight,

Inc.,

Class

A*

2,785

24,842

ASGN,

Inc.*

407

37,778

Barrett

Business

Services,

Inc.

146

16,391

CBIZ,

Inc.*

280

17,825

Conduent,

Inc.*

2,075

7,470

CRA

International,

Inc.

113

12,118

CSG

Systems

International,

Inc.

271

13,634

Equifax,

Inc.

3,458

844,928

ExlService

Holdings,

Inc.*

1,465

45,825

Exponent,

Inc.

440

38,804

First

Advantage

Corp.

755

12,359

Franklin

Covey

Co.*

59

2,386

Huron

Consulting

Group,

Inc.*

166

17,186

ICF

International,

Inc.

139

19,326

Innodata,

Inc.*

416

4,314

Insperity,

Inc.

352

40,371

Jacobs

Solutions,

Inc.

3,789

510,643

Kelly

Services,

Inc.,

Class

A

667

13,707

Kforce,

Inc.

294

20,095

Korn

Ferry

637

37,373

Legalzoom.com,

Inc.*

1,019

10,506

Maximus,

Inc.

600

48,672

NV5

Global,

Inc.*

45

4,720

Planet

Labs

PBC*

2,156

4,873

Resources

Connection,

Inc.

729

9,812

TransUnion

15,519

1,073,760

TriNet

Group,

Inc.*

364

41,387

TTEC

Holdings,

Inc.

161

3,281

Upwork,

Inc.*

857

11,749

Verisk

Analytics,

Inc.,

Class

A

3,486

841,974

Verra

Mobility

Corp.,

Class

A*

1,153

27,568

3,815,677

Real

Estate

Management

&

Development

0.0%

†

Anywhere

Real

Estate,

Inc.*

1,421

10,118

Compass,

Inc.,

Class

A*

3,809

13,103

Cushman

&

Wakefield

plc*

860

9,047

Douglas

Elliman,

Inc.

1,585

3,424

eXp

World

Holdings,

Inc.

816

10,102

Forestar

Group,

Inc.*

445

13,911

116

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Kennedy-Wilson

Holdings,

Inc.

327

3,417

Newmark

Group,

Inc.,

Class

A

2,407

24,431

Opendoor

Technologies,

Inc.*

6,313

21,590

RE/MAX

Holdings,

Inc.,

Class

A

481

5,161

Redfin

Corp.*

1,681

13,717

RMR

Group,

Inc.

(The),

Class

A

565

14,741

St

Joe

Co.

(The)

309

17,057

Star

Holdings*

314

3,639

163,458

Residential

REITs

0.5%

American

Homes

4

Rent,

Class

A

15,630

547,831

Apartment

Investment

and

Management

Co.,

Class

A*

2,786

20,700

AvalonBay

Communities,

Inc.

10,540

1,886,765

BRT

Apartments

Corp.

256

4,301

Elme

Communities

862

12,482

Equity

LifeStyle

Properties,

Inc.

16,733

1,132,657

Equity

Residential

5,920

356,325

Independence

Realty

Trust,

Inc.

1,896

27,852

Invitation

Homes,

Inc.

14,683

483,511

NexPoint

Residential

Trust,

Inc.

304

9,287

Veris

Residential,

Inc.

562

8,571

4,490,282

Retail

REITs

0.0%

†

Acadia

Realty

Trust

604

10,304

Alexander's,

Inc.

62

13,627

CBL

&

Associates

Properties,

Inc.

348

8,136

Getty

Realty

Corp.

293

8,104

InvenTrust

Properties

Corp.

752

18,672

Kite

Realty

Group

Trust

1,909

40,853

Macerich

Co.

(The)

2,267

35,796

Phillips

Edison

&

Co.,

Inc.

1,042

36,168

Retail

Opportunity

Investments

Corp.

1,142

15,520

Tanger,

Inc.

1,406

37,821

Urban

Edge

Properties

976

16,856

Whitestone

REIT

1,170

15,116

256,973

Semiconductors

&

Semiconductor

Equipment

7.2%

ACM

Research,

Inc.,

Class

A*

366

6,303

Advanced

Micro

Devices,

Inc.*

17,430

2,922,837

Aehr

Test

Systems*

312

4,633

Ambarella,

Inc.*

222

11,668

Amkor

Technology,

Inc.

1,032

32,673

Analog

Devices,

Inc.

11,388

2,190,596

Applied

Materials,

Inc.

40,416

6,640,349

ASML

Holding

NV

(Registered),

ADR-NL

1,153

1,002,902

Axcelis

Technologies,

Inc.*

337

43,827

Broadcom,

Inc.

1,635

1,929,300

Cohu,

Inc.*

667

21,251

Credo

Technology

Group

Holding

Ltd.*

752

15,424

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Diodes,

Inc.*

450

30,294

Enphase

Energy,

Inc.*(a)

16,309

1,698,256

Entegris,

Inc.

6,507

765,874

FormFactor,

Inc.*

602

23,340

Ichor

Holdings

Ltd.*

239

8,652

Impinj,

Inc.*

116

11,250

indie

Semiconductor,

Inc.,

Class

A*

294

1,785

inTEST

Corp.*

303

3,615

KLA

Corp.

5,161

3,065,840

Kulicke

&

Soffa

Industries,

Inc.

641

32,255

Lam

Research

Corp.

1,863

1,537,292

MACOM

Technology

Solutions

Holdings,

Inc.*

472

40,701

Marvell

Technology,

Inc.

45,106

3,053,676

Maxeon

Solar

Technologies

Ltd.*

719

3,257

MaxLinear,

Inc.,

Class

A*

775

16,135

MKS

Instruments,

Inc.(a)

25,570

2,721,926

Navitas

Semiconductor

Corp.,

Class

A*

910

5,214

NVE

Corp.

153

12,238

NVIDIA

Corp.

41,647

25,624,150

ON

Semiconductor

Corp.*

7,248

515,550

Onto

Innovation,

Inc.*

475

76,712

PDF

Solutions,

Inc.*

324

10,109

Photronics,

Inc.*

845

24,691

Power

Integrations,

Inc.

570

42,727

QUALCOMM,

Inc.

20,916

3,106,235

Rambus,

Inc.*

1,030

70,586

Semtech

Corp.*

592

11,745

Silicon

Laboratories,

Inc.*

285

35,158

SiTime

Corp.*

94

10,018

SMART

Global

Holdings,

Inc.*

307

6,033

Synaptics,

Inc.*

350

37,383

Texas

Instruments,

Inc.

21,741

3,481,169

Ultra

Clean

Holdings,

Inc.*

302

11,536

Veeco

Instruments,

Inc.*

131

4,176

60,921,341

Software

11.6%

8x8,

Inc.*

1,280

4,301

A10

Networks,

Inc.

1,297

17,341

ACI

Worldwide,

Inc.*

906

27,243

Adeia,

Inc.

1,222

14,835

Agilysys,

Inc.*

209

17,495

Alarm.com

Holdings,

Inc.*

358

21,774

Alkami

Technology,

Inc.*

270

6,647

Altair

Engineering,

Inc.,

Class

A*

453

38,514

Amplitude,

Inc.,

Class

A*

662

8,580

Appfolio,

Inc.,

Class

A*

165

36,178

Appian

Corp.,

Class

A*

342

11,159

AppLovin

Corp.,

Class

A*

49,718

2,044,901

Asana,

Inc.,

Class

A*

757

13,187

Aurora

Innovation,

Inc.,

Class

A*

2,970

8,880

Autodesk,

Inc.*

2,605

661,175

AvePoint,

Inc.*

1,813

13,960

Blackbaud,

Inc.*

323

26,137

BlackLine,

Inc.*

470

27,580

Box,

Inc.,

Class

A*

1,228

31,903

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Software

Braze,

Inc.,

Class

A*

325

17,566

C3.ai,

Inc.,

Class

A*

677

16,776

Cerence,

Inc.*

318

6,366

Check

Point

Software

Technologies

Ltd.*

6,507

1,034,158

Cleanspark,

Inc.*

1,676

13,492

Clear

Secure,

Inc.,

Class

A

735

13,987

CommVault

Systems,

Inc.*

499

45,748

Consensus

Cloud

Solutions,

Inc.*

354

7,696

Crowdstrike

Holdings,

Inc.,

Class

A*

9,296

2,719,080

Digital

Turbine,

Inc.*

1,984

10,694

DocuSign,

Inc.,

Class

A*

35,224

2,145,846

Domo,

Inc.,

Class

B*

273

2,968

Dynatrace,

Inc.*

39,239

2,236,623

eGain

Corp.*

575

4,313

Envestnet,

Inc.*

421

21,513

Everbridge,

Inc.*

468

10,464

Expensify,

Inc.,

Class

A*

1,528

2,475

Fair

Isaac

Corp.*

645

773,245

Freshworks,

Inc.,

Class

A*

1,364

30,281

Intapp,

Inc.*

183

7,884

InterDigital,

Inc.

336

35,297

Intuit,

Inc.

11,190

7,064,583

Jamf

Holding

Corp.*

657

12,181

LivePerson,

Inc.*

1,441

4,035

LiveRamp

Holdings,

Inc.*

748

29,531

Marathon

Digital

Holdings,

Inc.*

1,703

30,194

Matterport,

Inc.*

2,028

4,563

MeridianLink,

Inc.*

295

6,711

Microsoft

Corp.

136,024

54,080,422

MicroStrategy,

Inc.,

Class

A*

94

47,114

Mitek

Systems,

Inc.*

1,116

14,062

Model

N,

Inc.*

249

6,711

OneSpan,

Inc.*

436

4,473

Oracle

Corp.

43,200

4,825,440

PagerDuty,

Inc.*

681

16,126

Palo

Alto

Networks,

Inc.*

8,968

3,035,758

PowerSchool

Holdings,

Inc.,

Class

A*

613

14,430

Progress

Software

Corp.

568

32,268

PROS

Holdings,

Inc.*

408

14,043

Q2

Holdings,

Inc.*

506

21,530

Qualys,

Inc.*

380

71,885

Rapid7,

Inc.*

467

25,699

Riot

Platforms,

Inc.*

1,494

16,285

Salesforce,

Inc.*

33,763

9,490,442

Sapiens

International

Corp.

NV

593

16,189

ServiceNow,

Inc.*

4,183

3,201,668

Smartsheet,

Inc.,

Class

A*

6,868

308,854

SolarWinds

Corp.*

780

9,220

SoundHound

AI,

Inc.,

Class

A*

2,215

3,677

Sprinklr,

Inc.,

Class

A*

673

8,399

Sprout

Social,

Inc.,

Class

A*

400

24,532

SPS

Commerce,

Inc.*

342

62,860

Synopsys,

Inc.*

2,075

1,106,701

Tenable

Holdings,

Inc.*

982

46,252

Common

Stocks

Shares

Value

($)

Software

Varonis

Systems,

Inc.,

Class

B*

890

39,943

Verint

Systems,

Inc.*

501

14,875

Workday,

Inc.,

Class

A*

6,473

1,884,096

Workiva,

Inc.,

Class

A*

433

40,243

Xperi,

Inc.*

536

5,724

Yext,

Inc.*

1,465

8,687

Zeta

Global

Holdings

Corp.,

Class

A*

1,589

15,382

Zuora,

Inc.,

Class

A*

1,344

12,284

97,866,334

Specialized

REITs

0.5%

American

Tower

Corp.

13,670

2,674,536

Four

Corners

Property

Trust,

Inc.

38,417

899,342

Outfront

Media,

Inc.

1,472

19,165

PotlatchDeltic

Corp.

658

29,432

Safehold,

Inc.

223

4,429

Uniti

Group,

Inc.

2,913

15,322

Weyerhaeuser

Co.

10,657

349,230

3,991,456

Specialty

Retail

2.7%

Aaron's

Co.,

Inc.

(The)

752

7,738

Abercrombie

&

Fitch

Co.,

Class

A*

471

47,995

Academy

Sports

&

Outdoors,

Inc.

656

41,151

American

Eagle

Outfitters,

Inc.

1,984

39,323

America's

Car-Mart,

Inc.*

48

2,923

Asbury

Automotive

Group,

Inc.*

200

41,812

Beyond,

Inc.*

21,757

478,436

Boot

Barn

Holdings,

Inc.*

222

15,926

Caleres,

Inc.

452

14,179

Camping

World

Holdings,

Inc.,

Class

A

95

2,361

Carvana

Co.,

Class

A*

915

39,400

Children's

Place,

Inc.

(The)*

148

3,297

Foot

Locker,

Inc.

555

15,629

Genesco,

Inc.*

158

4,389

Group

1

Automotive,

Inc.

172

44,730

GrowGeneration

Corp.*

1,571

3,629

Guess?,

Inc.

598

13,359

Hibbett,

Inc.

127

8,465

Home

Depot,

Inc.

(The)

16,789

5,925,845

Lands'

End,

Inc.*

466

4,413

Leslie's,

Inc.*

1,503

10,085

Lowe's

Cos.,

Inc.

14,966

3,185,363

MarineMax,

Inc.*

173

4,844

Monro,

Inc.

366

11,661

National

Vision

Holdings,

Inc.*

456

8,669

ODP

Corp.

(The)*

254

12,990

Ross

Stores,

Inc.

20,035

2,810,510

Sally

Beauty

Holdings,

Inc.*

1,152

14,193

Signet

Jewelers

Ltd.

353

35,116

Sleep

Number

Corp.*

437

4,501

Sonic

Automotive,

Inc.,

Class

A

231

11,679

Stitch

Fix,

Inc.,

Class

A*

1,190

3,808

ThredUp,

Inc.,

Class

A*

1,413

2,875

Tile

Shop

Holdings,

Inc.*

692

4,491

118

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

Common

Stocks

Shares

Value

($)

Specialty

Retail

TJX

Cos.,

Inc.

(The)

36,650

3,478,452

Ulta

Beauty,

Inc.*

10,832

5,438,206

Upbound

Group,

Inc.

301

9,993

Urban

Outfitters,

Inc.*

479

18,202

Warby

Parker,

Inc.,

Class

A*

71,674

913,844

Winmark

Corp.

40

14,427

22,748,909

Technology

Hardware,

Storage

&

Peripherals

6.1%

Apple,

Inc.

263,581

48,604,336

Dell

Technologies,

Inc.,

Class

C

33,924

2,811,621

IonQ,

Inc.*

1,465

15,046

Super

Micro

Computer,

Inc.*

408

216,081

Xerox

Holdings

Corp.

1,711

31,585

51,678,669

Textiles,

Apparel

&

Luxury

Goods

0.7%

Allbirds,

Inc.,

Class

A*

4,135

3,968

Figs,

Inc.,

Class

A*

1,190

6,854

G-III

Apparel

Group

Ltd.*

292

8,786

Hanesbrands,

Inc.*

3,013

13,558

Kontoor

Brands,

Inc.

403

23,624

NIKE,

Inc.,

Class

B

57,505

5,838,483

Oxford

Industries,

Inc.

129

12,246

Rocky

Brands,

Inc.

159

4,449

Steven

Madden

Ltd.

583

24,416

Wolverine

World

Wide,

Inc.

1,663

13,903

5,950,287

Tobacco

0.0%

†

Turning

Point

Brands,

Inc.

199

4,834

Universal

Corp.

170

9,851

Vector

Group

Ltd.

2,078

21,757

36,442

Trading

Companies

&

Distributors

0.4%

Applied

Industrial

Technologies,

Inc.

369

65,114

Beacon

Roofing

Supply,

Inc.*

652

54,044

BlueLinx

Holdings,

Inc.*

122

14,071

Boise

Cascade

Co.

455

61,634

DNOW,

Inc.*

471

4,752

DXP

Enterprises,

Inc.*

56

1,804

Fastenal

Co.

38,116

2,600,655

FTAI

Aviation

Ltd.

656

35,391

GATX

Corp.

227

27,842

Global

Industrial

Co.

222

9,442

GMS,

Inc.*

528

44,436

H&E

Equipment

Services,

Inc.

300

16,137

Herc

Holdings,

Inc.

232

34,218

Hudson

Technologies,

Inc.*

320

4,058

Karat

Packaging,

Inc.

385

9,286

McGrath

RentCorp

177

22,240

Rush

Enterprises,

Inc.,

Class

A

453

20,344

Rush

Enterprises,

Inc.,

Class

B

162

7,658

Textainer

Group

Holdings

Ltd.

462

22,938

Transcat,

Inc.*

50

5,502

United

Rentals,

Inc.

692

432,777

Xometry,

Inc.,

Class

A*

320

10,298

3,504,641

Common

Stocks

Shares

Value

($)

Water

Utilities

0.0%

†

American

States

Water

Co.

348

25,961

Cadiz,

Inc.*

2,867

7,770

California

Water

Service

Group

444

20,100

Consolidated

Water

Co.

Ltd.

222

7,088

Middlesex

Water

Co.

170

9,515

SJW

Group

228

13,575

York

Water

Co.

(The)

64

2,296

86,305

Wireless

Telecommunication

Services

0.7%

Gogo,

Inc.*

431

3,814

Spok

Holdings,

Inc.

397

6,574

Telephone

&

Data

Systems,

Inc.

759

14,581

Tingo

Group,

Inc.*∞

1,247

861

T-Mobile

US,

Inc.

34,806

5,611,771

5,637,601

Total

Common

Stocks

(cost

$754,030,218)

814,216,952

Exchange

Traded

Funds

2.9%

Equity

Funds  2.9%

iShares

Russell

1000

ETF

10,647

2,829,653

iShares

Russell

2000

ETF

111,065

21,422,218

24,251,871

Total

Exchange

Traded

Funds

(cost

$23,963,260)

24,251,871

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Chinook

Therapeutics,

Inc.,

CVR*^∞

485

0

Total

Rights

(cost

$0)

0

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$371,389,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$378,816.(b)

371,334

371,334

Total

Repurchase

Agreement

(cost

$371,334)

371,334

Total

Investments

(cost

$778,364,812)

—

99.3%

838,840,157

Other

assets

in

excess

of

liabilities

—

0.7%

6,158,060

NET

ASSETS

—

100.0%

$

844,998,217

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

119

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$7,772,815,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$371,334

and

by

$7,689,873

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/13/2024

–

11/15/2052,

a

total

value

of

$8,061,207.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$371,334.

ADR

American

Depositary

Receipt

AU

Australian

Dollar

CVR

Contingent

Value

Rights

ETF

Exchange

Traded

Fund

NL

Netherlands

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

120

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Fundamental

All

Cap

Equity

Portfolio

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

121

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

5,723,748

$

–

$

–

$

5,723,748

Air

Freight

&

Logistics

4,168,033

–

–

4,168,033

Automobile

Components

3,754,233

–

–

3,754,233

Automobiles

7,677,483

–

–

7,677,483

Banks

33,833,922

–

–

33,833,922

Beverages

7,445,832

–

–

7,445,832

Biotechnology

23,807,879

–

–

23,807,879

Broadline

Retail

23,731,443

–

–

23,731,443

Building

Products

4,712,877

–

–

4,712,877

Capital

Markets

18,381,271

–

–

18,381,271

Chemicals

16,038,419

–

–

16,038,419

Commercial

Services

&

Supplies

1,540,261

–

–

1,540,261

Communications

Equipment

3,220,735

–

–

3,220,735

Construction

&

Engineering

360,693

–

–

360,693

Construction

Materials

897,395

–

–

897,395

Consumer

Finance

5,660,553

–

–

5,660,553

Consumer

Staples

Distribution

&

Retail

5,951,294

–

–

5,951,294

Containers

&

Packaging

4,258,278

–

–

4,258,278

Distributors

4,528

–

–

4,528

Diversified

Consumer

Services

257,734

–

–

257,734

Diversified

REITs

132,328

–

–

132,328

Diversified

Telecommunication

Services

6,216,609

–

–

6,216,609

Electric

Utilities

9,937,569

–

–

9,937,569

Electrical

Equipment

7,418,456

–

–

7,418,456

Electronic

Equipment,

Instruments

&

Components

8,450,467

–

–

8,450,467

Energy

Equipment

&

Services

1,660,593

–

–

1,660,593

Entertainment

10,019,695

–

–

10,019,695

Financial

Services

29,754,654

–

–

29,754,654

Food

Products

6,794,548

–

–

6,794,548

Gas

Utilities

193,870

–

–

193,870

Ground

Transportation

11,368,430

–

–

11,368,430

Health

Care

Equipment

&

Supplies

17,931,728

–

–

17,931,728

Health

Care

Providers

&

Services

21,085,918

–

–

21,085,918

Health

Care

REITs

2,282,999

–

–

2,282,999

Health

Care

Technology

95,358

–

–

95,358

Hotel

&

Resort

REITs

191,909

–

–

191,909

Hotels,

Restaurants

&

Leisure

19,828,589

–

–

19,828,589

Household

Durables

4,709,242

–

–

4,709,242

Household

Products

14,968,843

–

–

14,968,843

Independent

Power

and

Renewable

Electricity

Producers

428,801

–

–

428,801

Industrial

Conglomerates

6,248,229

–

–

6,248,229

Industrial

REITs

3,152,572

–

–

3,152,572

Insurance

32,786,429

–

–

32,786,429

Interactive

Media

&

Services

44,293,926

–

–

44,293,926

IT

Services

7,698,788

–

–

7,698,788

Leisure

Products

82,411

–

–

82,411

Life

Sciences

Tools

&

Services

15,147,970

–

–

15,147,970

Machinery

24,245,993

–

–

24,245,993

Marine

Transportation

67,052

–

–

67,052

Media

142,730

–

–

142,730

Metals

&

Mining

5,414,382

–

–

5,414,382

Mortgage

Real

Estate

Investment

Trusts

(REITs)

246,476

–

–

246,476

Multi-Utilities

7,976,054

–

–

7,976,054

Office

REITs

155,011

–

–

155,011

Oil,

Gas

&

Consumable

Fuels

31,467,967

–

–

31,467,967

Paper

&

Forest

Products

21,172

–

–

21,172

122

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Fundamental

All

Cap

Equity

Portfolio

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Passenger

Airlines

$

1,160,214

$

–

$

–

$

1,160,214

Personal

Care

Products

3,747,804

–

–

3,747,804

Pharmaceuticals

24,116,180

–

–

24,116,180

Professional

Services

3,815,677

–

–

3,815,677

Real

Estate

Management

&

Development

163,458

–

–

163,458

Residential

REITs

4,490,282

–

–

4,490,282

Retail

REITs

256,973

–

–

256,973

Semiconductors

&

Semiconductor

Equipment

60,921,341

–

–

60,921,341

Software

97,866,334

–

–

97,866,334

Specialized

REITs

3,991,456

–

–

3,991,456

Specialty

Retail

22,748,909

–

–

22,748,909

Technology

Hardware,

Storage

&

Peripherals

51,678,669

–

–

51,678,669

Textiles,

Apparel

&

Luxury

Goods

5,950,287

–

–

5,950,287

Tobacco

36,442

–

–

36,442

Trading

Companies

&

Distributors

3,504,641

–

–

3,504,641

Water

Utilities

86,305

–

–

86,305

Wireless

Telecommunication

Services

5,636,740

861

–

5,637,601

Total

Common

Stocks

$

814,216,091

$

861

$

–

$

814,216,952

Exchange

Traded

Funds

24,251,871

–

–

24,251,871

Repurchase

Agreement

–

371,334

–

371,334

Rights

–

–

–

–

Total

$

838,467,962

$

372,195

$

–

$

838,840,157

As

of

January

31,

2024,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

13

.2

%

Principal

Amount

($)

Value

($)

CAYMAN

ISLANDS

2

.1

%

Other

2

.1

%

ACREC

Ltd.,

Series

2021-

FL1,

Class

A,

6.60%,

10/16/2036(a)(b)

2,251,414

2,233,803

FS

Rialto,

Series

2021-

FL3,

Class

A,

6.70%,

11/16/2036(a)(b)

2,310,000

2,294,762

HGI

CRE

CLO

Ltd.,

Series

2021-FL2,

Class

A,

6.45%,

9/17/2036(a)(b)

657,839

651,412

MF1

Ltd.,

Series

2021-

FL7,

Class

D,

8.00%,

10/16/2036(a)(b)

475,000

450,960

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

7.68%,

2/20/2030(a)(b)

350,000

345,277

5,976,214

UNITED

STATES

11

.1

%

Airlines

0

.3

%

American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

129,750

115,758

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(b)

918,217

771,312

United

Airlines

Pass-

Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

110,644

108,071

995,141

Automobiles

4

.9

%

American

Credit

Acceptance

Receivables

Trust

Series

2021-1,

Class

F,

4.01%,

11/15/2027(b)

1,100,000

1,089,771

Series

2023-4,

Class

C,

6.99%,

9/12/2030(b)

2,110,000

2,165,919

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

C,

6.48%,

6/20/2030(b)

610,000

614,528

Ford

Credit

Auto

Lease

Trust,

Series

2023-

B,

Class

C,

6.43%,

4/15/2027

1,420,000

1,452,776

Foursight

Capital

Automobile

Receivables

Trust

Series

2021-2,

Class

E,

3.35%,

10/15/2027(b)

290,000

271,699

Series

2021-2,

Class

F,

4.19%,

2/15/2029(b)

240,000

220,682

GLS

Auto

Select

Receivables

Trust,

Series

2024-1A,

Class

D,

6.43%,

1/15/2031(b)

980,000

981,536

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

JPMorgan

Chase

Bank

NA-CACLN

Series

2021-2,

Class

F,

4.39%,

12/26/2028(b)

770,000

747,642

Series

2021-3,

Class

F,

3.69%,

2/26/2029(b)

550,000

526,925

Octane

Receivables

Trust,

Series

2023-1A,

Class

D,

7.76%,

3/20/2030(b)

1,500,000

1,545,058

Prestige

Auto

Receivables

Trust,

Series

2023-

2A,

Class

D,

7.71%,

8/15/2029(b)

1,020,000

1,055,256

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

D,

9.97%,

5/15/2032(b)

625,000

644,180

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

C,

5.45%,

3/15/2030

830,000

836,307

Tricolor

Auto

Securitization

Trust,

Series

2021-

1A,

Class

F,

5.08%,

5/15/2028(b)

2,250,000

2,207,892

14,360,171

Credit

Card

0

.2

%

Continental

Credit

Card

ABS

LLC,

Series

2019-

1A,

Class

C,

6.16%,

8/15/2026(b)

725,000

711,078

Equipment

Loans

&

Leases

0

.6

%

NMEF

Funding

LLC

Series

2021-A,

Class

D,

5.78%,

12/15/2027(b)

500,000

492,782

Series

2023-A,

Class

C,

8.04%,

6/17/2030(b)

1,300,000

1,297,072

Home

Equity

2

.1

%

FIGRE

Trust,

Series

2023-

HE3,

Class

A,

6.44%,

1/25/2042(b)

1,360,037

1,383,126

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2023-FIG4,

Class

A,

6.72%,

11/25/2053(a)(b)

3,237,304

3,296,133

Towd

Point

HE

Trust,

Series

2021-HE1,

Class

M1,

1.50%,

2/25/2063(a)

(b)

1,552,763

1,478,191

6,157,450

Other

3

.0

%

ACHV

ABS

TRUST,

Series

2023-3PL,

Class

A,

6.60%,

8/19/2030(b)

332,805

332,879

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

Series

2021-FL1,

Class

A,

6.42%,

12/15/2035(a)

(b)

1,711,269

1,699,827

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2021-FL4,

Class

E,

8.85%,

11/15/2036(a)

(b)

775,000

724,058

Home

Partners

of

America

Trust,

Series

2019-

1,

Class

F,

4.10%,

9/17/2039(b)

802,462

679,265

Pagaya

AI

Debt

Trust

Series

2023-3,

Class

A,

7.60%,

12/16/2030(b)

1,590,934

1,599,662

Series

2023-5,

Class

A,

7.18%,

4/15/2031(b)

992,885

996,304

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(b)

1,020,000

900,658

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(b)

840,000

713,541

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(b)

390,000

334,697

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(b)

570,000

546,069

Tricon

Residential

Trust,

Series

2022-SFR2,

Class

E,

7.51%,

7/17/2040(b)

345,000

352,471

8,879,431

32,893,125

Total

Asset-Backed

Securities

(cost  $39,152,854)

38,869,339

Collateralized

Mortgage

Obligations

10

.5

%

BERMUDA

2

.7

%

Bellemeade

Re

Ltd.,

Series

2021-3A,

Class

B1,

9.19%,

9/25/2031(a)(b)

1,030,000

1,020,359

Eagle

RE

Ltd.,

Series

2021-2,

Class

M2,

9.59%,

4/25/2034(a)(b)

1,370,000

1,409,744

Home

RE

Ltd.,

Series

2023-1,

Class

M1B,

9.94%,

10/25/2033(a)(b)

510,000

525,864

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

9.81%,

7/25/2029(a)(b)

1,520,000

1,537,592

Oaktown

Re

VII

Ltd.,

Series

2021-2,

Class

B1,

9.74%,

4/25/2034(a)(b)

700,000

706,644

Radnor

RE

Ltd.

Series

2023-1,

Class

M1A,

8.04%,

7/25/2033(a)(b)

1,270,000

1,279,369

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

BERMUDA

Radnor

RE

Ltd.

Series

2023-1,

Class

M1B,

9.69%,

7/25/2033(a)(b)

330,000

336,922

Series

2021-1,

Class

M2,

8.49%,

12/27/2033(a)(b)

1,230,000

1,241,307

8,057,801

0

UNITED

STATES

7

.8

%

Connecticut

Avenue

Securities

Trust

Series

2022-R02,

Class

2M2,

8.34%,

1/25/2042(a)(b)

330,000

338,250

Series

2023-R03,

Class

2M1,

7.84%,

4/25/2043(a)(b)

1,074,847

1,098,384

Series

2023-R06,

Class

1M1,

7.04%,

7/25/2043(a)(b)

596,677

602,877

Eagle

RE

Ltd.,

Series

2023-1,

Class

M1B,

9.29%,

9/26/2033(a)(b)

2,060,000

2,111,675

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.24%,

7/25/2051(a)(b)

306,941

224,079

FHLMC

REMICS

Series

4395,

Class

TI,

IO,

4.00%,

5/15/2026

10,464

141

Series

4097,

Class

CI,

IO,

3.00%,

8/15/2027

117,446

4,032

Series

4123,

Class

DI,

IO,

3.00%,

10/15/2027

312,635

11,385

Series

4244,

Class

AI,

IO,

4.50%,

8/15/2028

16,381

249

FHLMC

STACR

REMIC

Trust

Series

2022-DNA1,

Class

M2,

7.84%,

1/25/2042(a)(b)

180,000

181,671

Series

2023-DNA1,

Class

M1A,

7.44%,

3/25/2043(a)(b)

1,903,577

1,937,748

Series

2023-DNA2,

Class

M1A,

7.44%,

4/25/2043(a)(b)

2,002,833

2,048,899

Series

2020-HQA5,

Class

B2,

12.74%,

11/25/2050(a)(b)

630,000

738,882

Series

2020-DNA6,

Class

B2,

10.99%,

12/25/2050(a)(b)

790,000

853,123

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

16.46%,

10/25/2048(a)(b)

1,090,000

1,372,038

Series

2019-DNA3,

Class

B2,

13.61%,

7/25/2049(a)(b)

720,000

833,430

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

STACR

Trust

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.21%,

6/1/2051(a)(b)

42,124,826

447,901

FNMA

REMICS

Series

2012-130,

Class

UI,

IO,

3.00%,

12/25/2027

140,004

4,614

Series

2012-150,

Class

BI,

IO,

3.00%,

1/25/2028

150,219

5,599

Series

2013-5,

Class

YI,

IO,

3.00%,

2/25/2028

153,293

5,071

Series

2009-31,

Class

PI,

IO,

5.00%,

11/25/2038

31,095

1,328

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

2.28%,

4/25/2065(a)(b)

530,000

434,749

GNMA

REMICS

Series

2013-84,

Class

SC,

IO,

1.15%,

3/16/2040(a)

41,283

2,325

Series

2011-135,

Class

QI,

IO,

4.50%,

6/16/2041

56,330

5,272

Series

2012-140,

Class

IC,

IO,

3.50%,

11/20/2042

94,777

14,225

Series

2016-5,

Class

CS,

IO,

0.70%,

1/20/2046(a)

98,414

9,199

Series

2016-20,

Class

SB,

IO,

0.65%,

2/20/2046(a)

94,935

8,806

Series

2016-17,

Class

JS,

IO,

0.65%,

2/20/2046(a)

77,436

7,497

Series

2016-81,

Class

,

IO,

4.00%,

6/20/2046

56,798

10,517

Series

2016-88,

Class

SM,

IO,

0.65%,

7/20/2046(a)

101,218

12,856

Series

2016-108,

Class

QI,

IO,

4.00%,

8/20/2046

96,414

19,161

Series

2016-118,

Class

DS,

IO,

0.65%,

9/20/2046(a)

121,271

17,028

Series

2016-145,

Class

UI,

IO,

3.50%,

10/20/2046

61,143

10,640

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,107,651

203,830

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

381,018

66,541

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

UNITED

STATES

GNMA

REMICS

Homeward

Opportunities

Fund

I

Trust,

Series

2020-2,

Class

M1,

3.90%,

5/25/2065(a)(b)

170,000

158,465

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.22%,

7/25/2051(a)(b)

15,706,769

174,409

JP

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

29,097,740

170,393

Series

2021-8,

Class

AX1,

IO,

0.12%,

12/25/2051(a)(b)

26,244,487

145,610

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL8,

Class

A,

6.99%,

1/25/2037(a)(b)

384,112

383,567

STACR

Trust

Series

2018-HRP2,

Class

B1,

9.66%,

2/25/2047(a)(b)

1,310,000

1,431,175

Series

2018-HRP2,

Class

B2,

15.96%,

2/25/2047(a)(b)

1,380,000

1,685,325

Towd

Point

Mortgage

Trust,

Series

2022-

SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,820,000

1,673,191

Triangle

Re

Ltd.,

Series

2023-1,

Class

M1B,

10.59%,

11/25/2033(a)

(b)

1,640,000

1,708,515

Visio

Trust,

Series

2020-

1R,

Class

M1,

2.93%,

11/25/2055(b)

350,000

306,592

Vista

Point

Securitization

Trust,

Series

2020-

2,

Class

M1,

3.40%,

4/25/2065(a)(b)

1,325,000

1,175,618

22,656,882

0

Total

Collateralized

Mortgage

Obligations

(cost

$28,826,608)

30,714,683

Commercial

Mortgage-Backed

Securities

3

.1

%

UNITED

STATES

3

.1

%

BX

Trust

,

Series

2021-

ARIA,

Class

D,

7.34%,

10/15/2036(a)(b)

850,000

831,937

Commercial

Mortgage

Trust

,

Series

2015-

CR26,

Class

D,

3.61%,

10/10/2048(a)

1,350,000

1,028,992

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C4,

Class

D,

3.71%,

11/15/2048(a)

250,000

222,005

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

UNITED

STATES

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

9.09%,

1/25/2051(a)

(b)

700,000

673,758

Series

2021-MN3,

Class

M2,

9.34%,

11/25/2051(a)(b)

815,000

777,639

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

7.55%,

10/15/2036(a)(b)

350,000

335,949

Series

2021-IP,

Class

E,

9.00%,

10/15/2036(a)(b)

150,000

147,387

GS

Mortgage

Securities

Trust

,

Series

2016-

GS4,

Class

D,

3.23%,

11/10/2049(a)(b)

1,340,000

976,740

Med

Trust

,

Series

2021-

MDLN,

Class

F,

9.45%,

11/15/2038(a)(b)

547,373

537,794

Morgan

Stanley

Capital

I

Trust

,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(b)

420,000

332,558

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-

01,

Class

M10,

8.71%,

10/25/2049(a)(b)

894,627

876,743

SLG

Office

Trust

,

Series

2021-OVA,

Class

E,

2.85%,

7/15/2041(b)

1,975,000

1,500,657

UBS

Commercial

Mortgage

Trust

,

Series

2017-C4,

Class

C,

4.69%,

10/15/2050(a)

810,000

730,972

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,902,215)

8,973,131

Corporate

Bonds

59

.8

%

BERMUDA

6

.2

%

Financial

Services

4

.1

%

Alamo

Re

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.18%),

12.52%,

6/7/2024(b)(c)

500,000

505,500

Series

A,

(T-BILL

1MO

+

7.49%),

12.83%,

6/7/2025(b)(c)

500,000

494,650

Series

A,

(T-BILL

1MO

+

8.50%),

13.84%,

6/7/2026(b)(c)

500,000

506,000

Aquila

Re

I

Ltd.,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.55%,

6/8/2026(b)(c)

250,000

252,900

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Financial

Services

Aquila

Re

I

Ltd.,

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.55%,

6/8/2026(b)(c)

250,000

258,825

Baldwin

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.04%),

7.34%,

7/7/2025(b)(c)

250,000

247,875

Cape

Lookout

Re

Ltd.

Series

A,

(T-BILL

1MO

+

3.70%),

9.00%,

3/22/2024(b)(c)

250,000

249,750

Series

A,

(T-BILL

1MO

+

6.50%),

11.80%,

4/28/2026(b)(c)

750,000

763,650

Citrus

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.75%),

12.08%,

6/7/2026(b)(c)

250,000

256,750

Everglades

Re

II

Ltd.,

Series

A-1,

(T-BILL

1MO

+

6.61%),

11.95%,

5/14/2024(b)(c)

1,000,000

1,011,000

Everglades

Re

II

Ltd.,

Series

B-1,

(T-BILL

1MO

+

7.63%),

12.97%,

5/14/2024(b)(c)

1,000,000

1,013,000

Four

Lakes

Re

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.50%),

11.80%,

1/7/2026(b)(c)

250,000

257,050

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

5.75%,

1/7/2027(b)(c)

250,000

253,750

High

Point

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.12%,

1/6/2027(b)(c)

250,000

249,100

Hypatia

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.50%),

14.79%,

4/8/2026(b)(c)

250,000

264,500

Locke

Tavern

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.75%),

4.75%,

4/9/2026(b)(c)

500,000

504,050

Matterhorn

Re

Ltd.,

Series

2022,

(SOFR

+

5.25%),

10.59%,

3/24/2025(b)(c)

750,000

751,500

Mona

Lisa

Re

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

17.80%,

1/8/2026(b)(c)

250,000

268,750

Mystic

Re

IV

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

11.60%),

11.60%,

1/8/2025(b)(c)

250,000

244,350

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Financial

Services

Mystic

Re

IV

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.25%),

14.55%,

1/8/2026(b)(c)

250,000

256,375

Series

A,

(3

Month

Treasury

Bill

Rate

+

12.00%),

17.35%,

1/8/2027(b)(c)

250,000

249,825

Sanders

Re

III

Ltd.

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.61%),

8.98%,

4/7/2026(b)(c)

500,000

483,000

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.46%),

11.83%,

6/5/2026(b)(c)

500,000

518,000

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.07%,

4/7/2028(b)(c)

1,000,000

999,500

Sanders

Re

III

Ltd.,

(3

Month

Treasury

Bill

Rate

+

5.75%),

11.12%,

4/7/2027(b)(c)

250,000

251,875

Topanga

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.31%),

8.61%,

1/8/2026(b)(c)

400,000

370,520

Ursa

Re

Ltd.,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

10.88%,

12/6/2025(b)(c)

250,000

253,050

Veraison

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

0.50%),

0.00%,

3/8/2027(b)(c)

500,000

500,000

12,235,095

Insurance

1

.9

%

Blue

Ridge

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.62%,

1/8/2027(b)(c)

250,000

252,100

Blue

Ridge

Re

Ltd.,

Series

B,

(T-BILL

1MO

+

8.00%),

13.37%,

1/8/2027(b)(c)

250,000

249,775

Bonanza

RE

Ltd.,

Series

2020,

(3

Month

Treasury

Bill

Rate

+

4.87%),

10.25%,

2/20/2024(b)(c)

450,000

449,550

Bonanza

RE

Ltd.,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

5.78%),

11.16%,

3/16/2025(b)(c)

250,000

235,250

Bonanza

RE

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.25%),

13.63%,

1/8/2026(b)(c)

250,000

251,225

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Insurance

First

Coast

Re

IV

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.00%),

9.00%,

4/7/2026(b)(c)

250,000

252,875

FloodSmart

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

16.25%),

21.62%,

3/11/2026(b)(c)

500,000

501,600

Integrity

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

12.00%),

17.36%,

6/6/2025(b)(c)

250,000

258,250

Merna

Reinsurance

II

Ltd.,

Series

CAT,

(3

Month

Treasury

Bill

Rate

+

3.81%),

9.11%,

4/7/2025(b)(c)

500,000

500,150

Merna

Reinsurance

II

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

13.05%,

7/7/2026(b)(c)

250,000

254,600

Merna

Reinsurance

II

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.25%),

15.55%,

7/7/2026(b)(c)

250,000

268,775

Purple

Re

Ltd.,

Series

A,

(T-BILL

1MO

+

10.00%),

15.36%,

6/5/2026(b)(c)

250,000

255,375

Solomon

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

10.61%,

6/8/2026(b)(c)

500,000

514,200

Titania

RE

Ltd.,

Series

A,

(T-BILL

1MO

+

12.25%),

17.59%,

2/27/2026(b)(c)

250,000

271,375

Torrey

Pines

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.00%),

10.37%,

6/5/2026(b)(c)

250,000

251,575

Torrey

Pines

Re

Pte.

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.18%),

9.55%,

6/7/2024(b)(c)

500,000

495,850

5,262,525

Metals

&

Mining

0

.2

%

Galileo

Re

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

7.00%),

12.37%,

1/8/2026(b)(c)

250,000

253,775

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

BERMUDA

Metals

&

Mining

Galileo

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.00%),

12.37%,

1/7/2028(b)(c)

250,000

253,900

507,675

18,005,295

BRAZIL

0

.8

%

Electric

Utilities

0

.2

%

Light

Servicos

de

Eletricidade

SA,

4.38%,

6/18/2026(b)(d)

995,000

453,969

Food

Products

0

.3

%

Minerva

Luxembourg

SA,

4.38%,

3/18/2031(b)

1,210,000

996,371

Oil,

Gas

&

Consumable

Fuels

0

.3

%

MC

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031(b)

1,026,812

789,435

2,239,775

CAMEROON

0

.1

%

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Golar

LNG

Ltd.,

7.00%,

10/20/2025(b)

346,055

340,864

CANADA

2

.3

%

Banks

1

.2

%

Bank

of

Nova

Scotia

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(c)

1,455,000

1,320,739

Federation

des

Caisses

Desjardins

du

Quebec

5.70%,

3/14/2028(b)(e)

705,000

723,143

5.25%,

4/26/2029(b)

1,730,000

1,746,007

3,789,889

Commercial

Services

&

Supplies

0

.6

%

Element

Fleet

Management

Corp.,

6.32%,

12/4/2028(b)

1,605,000

1,667,891

Multi-Utilities

0

.2

%

Algonquin

Power

&

Utilities

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(c)(e)

705,000

609,954

Corporate

Bonds

Principal

Amount

($)

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Enbridge,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.43%),

8.50%,

1/15/2084(c)

928,000

992,120

7,059,854

CAYMAN

ISLANDS

0

.7

%

Financial

Services

0

.1

%

Long

Point

Re

IV

Ltd.,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

9.64%,

6/1/2026(b)(c)

250,000

248,750

Insurance

0

.6

%

Residential

Reinsurance

2020

Ltd.,

Series

3,

(3

Month

Treasury

Bill

Rate

+

8.66%),

14.03%,

12/6/2024(b)(c)

250,000

244,800

Residential

Reinsurance

2021

Ltd.,

Series

3,

(3

Month

Treasury

Bill

Rate

+

5.28%),

10.65%,

12/6/2025(b)(c)

500,000

475,300

Vitality

Re

XII

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.05%,

1/7/2025(b)(c)

250,000

246,425

Vitality

Re

XIII

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

7.30%,

1/6/2026(b)(c)

250,000

245,800

Vitality

Re

XIII

Ltd.,

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

8.05%,

1/6/2026(b)(c)

300,000

290,910

Vitality

Re

XIV

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

8.80%,

1/5/2027(b)(c)

500,000

499,750

2,002,985

2,251,735

COLOMBIA

0

.3

%

Passenger

Airlines

0

.3

%

ABRA

Global

Finance,

6.00%,

3/2/2028(b)(f)

1,363,518

992,557

FINLAND

0

.5

%

Banks

0

.5

%

Nordea

Bank

Abp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

3/01/2029(b)(c)(g)

1,840,000

1,488,199

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

FRANCE

1

.5

%

Banks

1

.3

%

BNP

Paribas

SA,

(SOFR

+

1.52%),

5.18%,

1/9/2030(b)(c)

2,055,000

2,067,358

Societe

Generale

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(b)(c)

1,400,000

1,400,158

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

4.03%,

1/21/2043(b)(c)

379,000

274,802

3,742,318

Diversified

Telecommunication

Services

0

.2

%

Altice

France

SA,

5.13%,

7/15/2029(b)(e)

930,000

679,918

4,422,236

GERMANY

0

.5

%

Automobiles

0

.5

%

Mercedes-Benz

Finance

North

America

LLC,

5.05%,

8/3/2033(b)

1,610,000

1,629,890

GHANA

0

.3

%

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Tullow

Oil

plc,

10.25%,

5/15/2026(b)

855,000

787,335

HONG

KONG

0

.1

%

Financial

Services

0

.1

%

Black

Kite

Re

Ltd.,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.85%),

12.22%,

6/9/2025(b)(c)

250,000

251,500

IRELAND

1

.1

%

Consumer

Finance

0

.9

%

AerCap

Ireland

Capital

DAC,

3.30%,

1/30/2032

545,000

467,131

Avolon

Holdings

Funding

Ltd.,

6.38%,

5/4/2028(b)

2,025,000

2,070,800

2,537,931

Financial

Services

0

.2

%

Atlas

Capital

DAC,

Series

A,

(SOFR

+

7.25%),

12.61%,

6/5/2026(b)(c)

250,000

254,125

Queen

Street

2023

RE

DAC,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

12.86%,

12/8/2025(b)(c)

250,000

259,625

513,750

3,051,681

Corporate

Bonds

Principal

Amount

($)

Value

($)

ITALY

2

.2

%

Banks

1

.6

%

Intesa

Sanpaolo

SpA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

4.40%),

8.25%,

11/21/2033(b)(c)

760,000

833,435

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.90%),

7.78%,

6/20/2054(b)(c)

1,435,000

1,470,460

UniCredit

SpA,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(b)(c)

2,260,000

2,214,710

4,518,605

Electric

Utilities

0

.6

%

Enel

Finance

International

NV,

5.00%,

6/15/2032(b)

1,915,000

1,873,936

6,392,541

JAPAN

1

.0

%

Banks

0

.3

%

Mizuho

Financial

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%),

5.67%,

9/13/2033(c)

950,000

976,163

Capital

Markets

0

.7

%

Nomura

Holdings,

Inc.,

5.61%,

7/6/2029(e)

2,000,000

2,042,671

3,018,834

MEXICO

1

.9

%

Diversified

Telecommunication

Services

0

.5

%

Total

Play

Telecomunicaciones

SA

de

CV,

6.38%,

9/20/2028(b)

2,915,000

1,272,397

Energy

Equipment

&

Services

0

.2

%

Borr

IHC

Ltd.

10.00%,

11/15/2028(b)

385,000

398,364

10.38%,

11/15/2030(b)

275,000

284,625

682,989

Food

Products

0

.2

%

Bimbo

Bakeries

USA,

Inc.,

5.38%,

1/9/2036(b)

700,000

705,852

Hotels,

Restaurants

&

Leisure

0

.3

%

Grupo

Posadas

SAB

de

CV,

7.00%,

12/30/2027(b)(h)

940,606

787,757

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Petroleos

Mexicanos,

6.70%,

2/16/2032

1,076,000

878,533

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

MEXICO

Passenger

Airlines

0

.4

%

Grupo

Aeromexico

SAB

de

CV,

8.50%,

3/17/2027(b)

1,210,000

1,159,794

5,487,322

NETHERLANDS

1

.0

%

Banks

0

.7

%

ING

Groep

NV,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(c)(g)

2,160,000

1,600,690

ING

Groep

NV,

(SOFR

+

2.09%),

6.11%,

9/11/2034(c)

570,000

598,369

2,199,059

Chemicals

0

.3

%

OCI

NV,

6.70%,

3/16/2033(b)

810,000

810,818

3,009,877

NORWAY

0

.4

%

Oil,

Gas

&

Consumable

Fuels

0

.4

%

Aker

BP

ASA,

6.00%,

6/13/2033(b)

1,235,000

1,281,169

SINGAPORE

0

.3

%

Consumer

Finance

0

.3

%

Avation

Capital

SA,

6.50%,

10/31/2026(b)(f)

970,388

825,639

SOUTH

KOREA

0

.3

%

Semiconductors

&

Semiconductor

Equipment

0

.3

%

SK

Hynix,

Inc.,

5.50%,

1/16/2029(b)

755,000

763,219

SPAIN

1

.2

%

Banks

1

.2

%

Banco

Santander

SA

6.92%,

8/8/2033

1,400,000

1,478,756

6.94%,

11/7/2033

800,000

886,674

CaixaBank

SA,

(SOFR

+

2.77%),

6.84%,

9/13/2034(b)(c)

1,015,000

1,079,585

3,445,015

SWITZERLAND

1

.5

%

Capital

Markets

1

.1

%

UBS

Group

AG

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.76%),

9.25%,

11/13/2033(b)(c)(g)

365,000

397,635

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(b)(c)(e)

1,110,000

1,149,320

Corporate

Bonds

Principal

Amount

($)

Value

($)

SWITZERLAND

Capital

Markets

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

6.30%,

9/22/2034(b)(c)(e)

365,000

386,618

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.77%),

5.70%,

2/8/2035(b)(c)

1,310,000

1,329,774

3,263,347

Passenger

Airlines

0

.4

%

VistaJet

Malta

Finance

plc,

9.50%,

6/1/2028(b)(e)

1,570,000

1,330,371

4,593,718

UNITED

KINGDOM

3

.7

%

Banks

3

.2

%

Barclays

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

1,025,000

1,095,533

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.00%),

5.75%,

8/9/2033(c)

1,565,000

1,577,462

HSBC

Holdings

plc,

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

1,030,000

1,105,976

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.91%),

8.00%,

9/27/2029(c)(g)

1,590,000

1,558,848

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(c)

870,000

985,332

NatWest

Group

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(c)

1,030,000

865,725

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.10%),

6.10%,

1/11/2035(b)(c)

2,000,000

2,042,151

9,231,027

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

KINGDOM

Financial

Services

0

.1

%

Sussex

Capital

UK

Pcc

Ltd.,

(3

Month

Treasury

Bill

Rate

+

8.38%),

13.75%,

1/8/2025(b)(c)

250,000

246,525

Ground

Transportation

0

.2

%

Ashtead

Capital,

Inc.,

5.95%,

10/15/2033(b)

470,000

478,684

Hotels,

Restaurants

&

Leisure

0

.1

%

Deuce

Finco

plc,

5.50%,

6/15/2027(b)

GBP

370,000

441,353

Oil,

Gas

&

Consumable

Fuels

0

.1

%

SCC

Power

plc,

8.00%,

12/31/2028(b)(f)

749,353

346,326

10,743,915

UNITED

STATES

31

.9

%

Automobiles

1

.1

%

Ford

Motor

Co.,

6.10%,

8/19/2032

210,000

210,434

Hyundai

Capital

America

5.68%,

6/26/2028(b)

515,000

528,856

6.50%,

1/16/2029(b)

695,000

738,783

6.20%,

9/21/2030(b)

995,000

1,056,995

5.40%,

1/8/2031(b)(e)

640,000

652,297

3,187,365

Banks

5

.9

%

Bank

of

America

Corp.

(SOFR

+

1.91%),

5.29%,

4/25/2034(c)

720,000

724,423

(SOFR

+

1.84%),

5.87%,

9/15/2034(c)

1,770,000

1,853,451

Citigroup,

Inc.,

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

690,000

715,704

Citizens

Financial

Group,

Inc.,

(SOFR

+

2.01%),

5.84%,

1/23/2030(c)

445,000

448,092

Comerica

Bank,

(SOFR

+

2.61%),

5.33%,

8/25/2033(c)

1,610,000

1,480,114

JPMorgan

Chase

&

Co.

(SOFR

+

1.19%),

5.04%,

1/23/2028(c)

625,000

627,673

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

1,010,000

997,011

PNC

Financial

Services

Group,

Inc.

(The)

(SOFR

+

1.34%),

5.30%,

1/21/2028(c)(e)

470,000

474,161

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)(e)

310,000

305,164

(SOFR

+

2.28%),

6.88%,

10/20/2034(c)

875,000

972,457

Truist

Financial

Corp.

(SOFR

+

2.45%),

7.16%,

10/30/2029(c)

95,000

102,597

(SOFR

+

1.62%),

5.44%,

1/24/2030(c)

190,000

191,619

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Banks

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

2,255,000

2,120,937

US

Bancorp

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

700,000

664,752

(SOFR

+

2.09%),

5.85%,

10/21/2033(c)(e)

1,730,000

1,789,696

Wells

Fargo

&

Co.

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

950,000

969,896

(SOFR

+

2.06%),

6.49%,

10/23/2034(c)

525,000

572,747

Wells

Fargo

Bank

NA,

5.25%,

12/11/2026

2,250,000

2,282,274

17,292,768

Capital

Markets

2

.1

%

Bank

of

New

York

Mellon

Corp.

(The),

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

230,000

224,237

Charles

Schwab

Corp.

(The),

(SOFR

+

2.50%),

5.85%,

5/19/2034(c)(e)

435,000

450,611

Morgan

Stanley

(SOFR

+

1.45%),

5.17%,

1/16/2030(c)

275,000

277,366

(SOFR

+

2.62%),

5.30%,

4/20/2037(c)

1,690,000

1,657,072

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(c)

740,000

755,578

Northern

Trust

Corp.,

6.13%,

11/2/2032(e)

1,576,000

1,698,773

State

Street

Corp.,

(SOFR

+

1.89%),

5.16%,

5/18/2034(c)(e)

973,000

980,116

6,043,753

Chemicals

1

.1

%

Albemarle

Corp.

5.05%,

6/1/2032(e)

402,000

390,568

5.65%,

6/1/2052(e)

558,000

519,259

Celanese

US

Holdings

LLC,

6.70%,

11/15/2033(e)

2,000,000

2,149,901

Trinseo

Materials

Operating

SCA,

5.13%,

4/1/2029(b)

505,000

196,510

3,256,238

Communications

Equipment

0

.1

%

Motorola

Solutions,

Inc.,

5.60%,

6/1/2032

444,000

456,440

Consumer

Finance

2

.9

%

Ally

Financial,

Inc.

(SOFR

+

3.26%),

6.99%,

6/13/2029(c)(e)

640,000

662,869

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Consumer

Finance

(SOFR

+

2.82%),

6.85%,

1/3/2030(c)

445,000

459,401

8.00%,

11/1/2031

1,499,000

1,658,589

Capital

One

Financial

Corp.

(SOFR

+

1.91%),

5.70%,

2/1/2030(c)

320,000

323,118

(SOFR

+

2.60%),

5.82%,

2/1/2034(c)

275,000

274,688

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

770,000

800,054

Ford

Motor

Credit

Co.

LLC

7.35%,

3/6/2030

200,000

214,151

3.63%,

6/17/2031

1,500,000

1,290,769

General

Motors

Financial

Co.,

Inc.

6.40%,

1/9/2033

1,365,000

1,445,522

6.10%,

1/7/2034

1,455,000

1,500,095

8,629,256

Distributors

0

.3

%

Dealer

Tire

LLC,

8.00%,

2/1/2028(b)(e)

757,000

749,930

Diversified

REITs

0

.7

%

Simon

Property

Group

LP,

6.25%,

1/15/2034

892,000

965,263

Uniti

Group

LP,

6.00%,

1/15/2030(b)

1,550,000

1,026,875

1,992,138

Diversified

Telecommunication

Services

0

.7

%

Windstream

Escrow

LLC,

7.75%,

8/15/2028(b)(e)

2,400,000

2,104,234

Electric

Utilities

2

.1

%

Duke

Energy

Corp.,

5.00%,

8/15/2052

1,105,000

1,021,743

NextEra

Energy

Capital

Holdings,

Inc.,

5.75%,

9/1/2025

780,000

787,876

PacifiCorp,

5.45%,

2/15/2034

1,460,000

1,479,732

Vistra

Operations

Co.

LLC

7.75%,

10/15/2031(b)

2,035,000

2,113,948

6.95%,

10/15/2033(b)

635,000

671,075

6,074,374

Electrical

Equipment

0

.4

%

Energizer

Gamma

Acquisition

BV,

3.50%,

6/30/2029(b)

EUR

610,000

583,530

Regal

Rexnord

Corp.,

6.30%,

2/15/2030(b)

595,000

611,594

1,195,124

Energy

Equipment

&

Services

0

.3

%

Kodiak

Gas

Services

LLC,

7.25%,

2/15/2029(b)

310,000

313,708

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

Transocean

Titan

Financing

Ltd.,

8.38%,

2/1/2028(b)

120,000

124,030

Transocean,

Inc.,

8.75%,

2/15/2030(b)

337,250

349,499

787,237

Financial

Services

1

.2

%

Gateway

Re

Ltd.

Series

A,

(T-BILL

1MO

+

13.00%),

18.34%,

2/24/2026(b)(c)

250,000

270,625

Series

A,

(T-BILL

1MO

+

10.00%),

15.34%,

7/8/2026(b)(c)

500,000

519,950

JPMorgan

Chase

Bank

NA,

5.11%,

12/8/2026

2,300,000

2,329,404

Lightning

Re,

Series

2023,

(3

Month

Treasury

Bill

Rate

+

11.00%),

16.36%,

3/31/2026(b)(c)

250,000

263,100

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/2029(b)

250,000

257,488

3,640,567

Food

Products

0

.4

%

JBS

USA

LUX

SA

5.75%,

4/1/2033

355,000

351,471

6.50%,

12/1/2052

705,000

703,827

1,055,298

Gas

Utilities

0

.4

%

KeySpan

Gas

East

Corp.,

5.99%,

3/6/2033(b)

1,035,000

1,048,931

Health

Care

REITs

0

.6

%

MPT

Operating

Partnership

LP,

3.50%,

3/15/2031(e)

3,020,000

1,851,377

Hotels,

Restaurants

&

Leisure

2

.8

%

Carnival

Corp.,

6.00%,

5/1/2029(b)(e)

2,595,000

2,513,458

Darden

Restaurants,

Inc.,

6.30%,

10/10/2033(e)

2,610,000

2,778,739

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

6.63%,

1/15/2032(b)

785,000

786,654

Viking

Cruises

Ltd.,

7.00%,

2/15/2029(b)

1,675,000

1,672,387

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/2029(b)(e)

505,000

491,744

8,242,982

Insurance

1

.2

%

Farmers

Exchange

Capital

III,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(b)(c)

2,410,000

1,997,211

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Insurance

Liberty

Mutual

Insurance

Co.,

7.70%,

10/15/2097(b)

420,000

463,069

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/2033(b)

685,000

692,366

Residential

Reinsurance

2023

Ltd.,

Series

5,

(T-BILL

1MO

+

5.75%),

0.50%,

12/6/2027(b)(c)

250,000

251,750

Residential

Reinsurance

2023

Ltd.,

Series

3,

(T-BILL

1MO

+

8.50%),

0.50%,

12/6/2027(b)(c)

250,000

251,025

3,655,421

Media

1

.5

%

Charter

Communications

Operating

LLC,

6.65%,

2/1/2034(e)

3,290,000

3,426,030

CSC

Holdings

LLC

11.75%,

1/31/2029(b)

500,000

507,865

4.63%,

12/1/2030(b)

800,000

408,905

Diamond

Sports

Group

LLC,

6.63%,

8/15/2027(b)(d)

322,000

22,540

4,365,340

Office

REITs

0

.9

%

Corporate

Office

Properties

LP,

2.90%,

12/1/2033

1,850,000

1,445,945

Highwoods

Realty

LP

3.05%,

2/15/2030

834,000

706,123

2.60%,

2/1/2031(e)

466,000

369,841

2,521,909

Oil,

Gas

&

Consumable

Fuels

1

.7

%

Civitas

Resources,

Inc.

8.38%,

7/1/2028(b)

1,540,000

1,619,637

8.75%,

7/1/2031(b)

540,000

574,076

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(c)(g)

859,000

830,353

Energy

Transfer

LP,

6.55%,

12/1/2033

1,240,000

1,337,042

Midwest

Connector

Capital

Co.

LLC,

4.63%,

4/1/2029(b)

587,000

569,344

4,930,452

Passenger

Airlines

0

.1

%

American

Airlines,

Inc.,

5.75%,

4/20/2029(b)

190,000

186,586

Corporate

Bonds

Principal

Amount

($)

Value

($)

UNITED

STATES

Personal

Care

Products

0

.5

%

Coty,

Inc.,

5.75%,

9/15/2028(b)

EUR

1,300,000

1,459,983

Pharmaceuticals

0

.0

%

†

Tricida,

Inc.

3.50%,

5/15/2027^∞

1,430,000

0

Real

Estate

Management

&

Development

0

.4

%

Kennedy-Wilson,

Inc.,

4.75%,

2/1/2030(e)

1,565,000

1,270,952

Residential

REITs

1

.7

%

Sun

Communities

Operating

LP

5.50%,

1/15/2029

3,630,000

3,664,687

5.70%,

1/15/2033

1,330,000

1,342,225

5,006,912

Semiconductors

&

Semiconductor

Equipment

0

.1

%

Foundry

JV

Holdco

LLC,

5.88%,

1/25/2034(b)

410,000

422,203

Wireless

Telecommunication

Services

0

.7

%

T-Mobile

USA,

Inc.

5.05%,

7/15/2033

1,110,000

1,111,279

5.75%,

1/15/2034(e)

790,000

832,312

1,943,591

93,371,361

Total

Corporate

Bonds

(cost

$177,436,385)

175,453,531

Mortgage-Backed

Securities

9

.4

%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

2/25/2054

2,700,000

2,736,967

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.50%,

2/25/2054

8,000,000

6,726,696

3.00%,

2/25/2054

8,000,000

7,001,250

5.50%,

2/25/2054

4,200,000

4,211,955

6.50%,

2/25/2054

2,700,000

2,763,896

GNMA

TBA

6.00%,

2/15/2054

2,800,000

2,842,706

6.50%,

2/15/2054

1,400,000

1,430,929

Total

Mortgage-Backed

Securities

(cost

$27,534,527)

27,714,399

Foreign

Government

Security

0

.6

%

SAUDI

ARABIA

0

.6

%

Kingdom

of

Saudi

Arabia,

5.75%,

1/16/2054

(b)

1,665,000

1,636,212

Total

Foreign

Government

Security

(cost

$1,628,257)

1,636,212

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Supranational

0

.1

%

Principal

Amount

($)

Value

($)

International

Bank

for

Reconstruction

&

Development(CME

Term

SOFR

3

Month

+

10.18%),

,

15.58%,

3/13/2024(b)(c)

250,000

249,750

Total

Supranational

(cost

$252,991)

249,750

Common

Stock

0

.1

%

Shares

MEXICO

0

.1

%

Passenger

Airlines

0

.1

%

Grupo

Aeromexico

SAB

de

CV

*^∞

21,107

275,924

Total

Common

Stock

(cost

$345,000)

275,924

Warrants

0

.0

%

†

Number

of

Warrants

UNITED

KINGDOM

0

.0

%

†

Trading

Companies

&

Distributors

0

.0

%

†

Avation

plc,

expiring

10/31/2026*

21,088

5,345

Total

Warrants

(cost

$0)

5,345

Loan

Participations

0

.4

%

Principal

Amount

($)

UNITED

STATES

0

.4

%

Media

0

.4

%

Directv

Financing

LLC,

Term

Loan

B,

(CME

Term

SOFR

3

Month

+

0.00%),

10.83%,

8/2/2029

(c)

530,000

529,338

Radiate

Holdco

LLC,

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

3.25%),

8.71%,

9/25/2026

(c)

818,300

661,800

1,191,138

0

Total

Loan

Participations

(cost

$1,341,280)

1,191,138

Convertible

Bond

0

.3

%

Passenger

Airlines

0

.3

%

Air

Canada,

4.00%,

7/1/2025

803,000

875,757

Total

Convertible

Bond

(cost  $830,702)

875,757

Short-Term

Investment

6

.3

%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligation

6

.3

%

U.S.

Treasury

Bills,0.00%

2/27/2024

18,500,000

18,429,687

Total

Short-Term

Investment

(cost

$18,429,627)

18,429,687

Repurchase

Agreements

3

.8

%

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,140,950,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$4,223,769.

(i)

4,140,339

4,140,339

Natixis

Securities

Americas

LLC

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,821,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

4.13%,

maturing

2/15/2024

-

2/15/2033;

total

market

value

$3,897.

(i)

3,820

3,820

Societe

Generale

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$7,019,392,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$7,158,730.

(i)

7,018,363

7,018,363

Total

Repurchase

Agreements

(cost

$11,162,522)

11,162,522

Total

Investments

(cost

$316,842,968)

—

107.6%

315,551,418

Liabilities

in

excess

of

other

assets

—

(7.6)%

(

22,165,109

)

NET

ASSETS

—

100.0%

$

293,386,309

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$167,642,173

which

represents

57.14%

of

net

assets.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(d)

Security

in

default.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$16,023,542,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,162,522

and

by

$6,601,100

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$17,763,622.

(f)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(g)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

January

31,

2024.

The

maturity

date

reflects

the

next

call

date.

(h)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(i)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$11,162,522.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

January

31,

2024

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

41-V2

5.00

Quarterly

12/20/2028

3.59

USD

48,500,000

(198,040)

(2,795,077)

(2,993,117)

(198,040)

(2,795,077)

(2,993,117)

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

January

31,

2024

5

:

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

41-V2

5.00

Quarterly

12/20/2028

3.59

USD

1,900,000

100,378

16,878

117,256

Total

unrealized

depreciation

100,378

16,878

117,256

As

of

January

31,

2024,

the

Fund

had

$2,228,644

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

5

The

Fund,

as

a

seller

of

credit

protection,

receives

periodic

payments

and

any

upfront

premium

from

the

protection

buyer,

and

the

Fund

is

obligated

to

make

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

Currency:

USD

United

States

dollar

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Forward

Foreign

Currency

Contracts

outstanding

as

of

January

31,

2024:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

2,466,563

EUR

2,265,305

HSBC

Bank,

N.A.

2/20/2024

16,565

Total

unrealized

appreciation

16,565

EUR

414,169

USD

449,512

Brown

Brothers

Harriman

&

Co.

2/20/2024

(

1,575

)

USD

408,308

GBP

322,648

JPMorgan

Chase

Bank

NA

2/20/2024

(

644

)

USD

271,725

MXN

4,750,841

Morgan

Stanley

Co.,

Inc.

3/27/2024

(

1,827

)

Total

unrealized

depreciation

(

4,046

)

Net

unrealized

appreciation

12,519

Currency:

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

51

3/2024

USD

10,488,469

77,887

Total

long

contracts

77,887

Short

Contracts

Euro-Bobl

(

8

)

3/2024

EUR

(1,024,763)

(6,415)

Euro-Bund

(

23

)

3/2024

EUR

(3,376,701)

(53,549)

U.S.

Treasury

5

Year

Note

(

158

)

3/2024

USD

(17,125,719)

(63,075)

U.S.

Treasury

10

Year

Note

(

70

)

3/2024

USD

(7,862,969)

(211,318)

U.S.

Treasury

10

Year

Ultra

Note

(

615

)

3/2024

USD

(71,878,125)

(1,859,475)

U.S.

Treasury

Long

Bond

(

15

)

3/2024

USD

(1,835,156)

(36,129)

U.S.

Treasury

Ultra

Bond

(

52

)

3/2024

USD

(6,719,375)

(94,044)

Total

short

contracts

(2,324,005)

Net

contracts

(2,246,118)

As

of

January

31,

2024,

the

Fund

had

$2,706,749

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

38,869,339

$

–

$

38,869,339

Collateralized

Mortgage

Obligations

–

30,714,683

–

30,714,683

Commercial

Mortgage-Backed

Securities

–

8,973,131

–

8,973,131

Common

Stock

–

–

275,924

275,924

Convertible

Bond

–

875,757

–

875,757

Corporate

Bonds

Automobiles

–

4,817,255

–

4,817,255

Banks

–

46,683,043

–

46,683,043

Capital

Markets

–

11,349,771

–

11,349,771

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Level

1

Level

2

Level

3

Total

Assets:

Chemicals

–

$

4,067,056

$

–

$

4,067,056

Commercial

Services

&

Supplies

–

1,667,891

–

1,667,891

Communications

Equipment

–

456,440

–

456,440

Consumer

Finance

–

11,992,826

–

11,992,826

Distributors

–

749,930

–

749,930

Diversified

REITs

–

1,992,138

–

1,992,138

Diversified

Telecommunication

Services

–

4,056,549

–

4,056,549

Electric

Utilities

–

8,402,279

–

8,402,279

Electrical

Equipment

–

1,195,124

–

1,195,124

Energy

Equipment

&

Services

–

1,470,226

–

1,470,226

Financial

Services

–

17,136,187

–

17,136,187

Food

Products

–

2,757,521

–

2,757,521

Gas

Utilities

–

1,048,931

–

1,048,931

Ground

Transportation

–

478,684

–

478,684

Health

Care

REITs

–

1,851,377

–

1,851,377

Hotels,

Restaurants

&

Leisure

–

9,472,092

–

9,472,092

Insurance

–

10,920,931

–

10,920,931

Media

–

4,365,340

–

4,365,340

Metals

&

Mining

–

507,675

–

507,675

Multi-Utilities

–

609,954

–

609,954

Office

REITs

–

2,521,909

–

2,521,909

Oil,

Gas

&

Consumable

Fuels

–

10,346,234

–

10,346,234

Passenger

Airlines

–

3,669,308

–

3,669,308

Personal

Care

Products

–

1,459,983

–

1,459,983

Pharmaceuticals

–

–

–

–

Real

Estate

Management

&

Development

–

1,270,952

–

1,270,952

Residential

REITs

–

5,006,912

–

5,006,912

Semiconductors

&

Semiconductor

Equipment

–

1,185,422

–

1,185,422

Wireless

Telecommunication

Services

–

1,943,591

–

1,943,591

Total

Corporate

Bonds

$

–

$

175,453,531

$

–

$

175,453,531

Credit

Default

Swaps†

–

16,878

–

16,878

Foreign

Government

Security

–

1,636,212

–

1,636,212

Forward

Foreign

Currency

Contracts

–

16,565

–

16,565

Futures

Contracts

77,887

–

–

77,887

Loan

Participations

–

1,191,138

–

1,191,138

Mortgage-Backed

Securities

–

27,714,399

–

27,714,399

Repurchase

Agreements

–

11,162,522

–

11,162,522

Short-Term

Investment

–

18,429,687

–

18,429,687

Supranational

–

249,750

–

249,750

Warrants

5,345

–

–

5,345

Total

Assets

$

83,232

$

315,303,592

$

275,924

$

315,662,748

Liabilities:

Credit

Default

Swaps†

$

–

$

(

2,795,077

)

$

–

$

(

2,795,077

)

Forward

Foreign

Currency

Contracts

–

(

4,046

)

–

(

4,046

)

Futures

Contracts

(

2,324,005

)

–

–

(

2,324,005

)

Total

Liabilities

$

(

2,324,005

)

$

(

2,799,123

)

$

–

$

(

5,123,128

)

Total

$

(

2,240,773

)

$

312,504,469

$

275,924

$

310,539,620

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

January

31,

2024,

the

fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

January

31,

2024

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Common

Stocks

Total

Balance

as

of

10/31/2023

$

187,316

$

187,316

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

88,608

88,608

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

1/31/2024

$

275,924

$

275,924

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

1/31/2024

$

88,608

$

88,608

Nationwide

Amundi

Strategic

Income

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Amundi

Strategic

Income

Fund

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Swap

Contracts†

Credit

risk

Unrealized

appreciation

from

centrally

cleared

swap

contracts

$

16,878

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

16,565

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

77,887

Total

$

111,330

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(

2,795,077

)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(

4,046

)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(

2,324,005

)

Total

$

(

5,123,128

)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

98

.7

%

Shares

Value

($)

AUSTRALIA

4

.8

%

Banks

0

.7

%

National

Australia

Bank

Ltd.

65,000

1,379,037

Broadline

Retail

0

.7

%

Wesfarmers

Ltd.

32,000

1,217,496

Capital

Markets

0

.7

%

Macquarie

Group

Ltd.

10,000

1,247,304

Consumer

Staples

Distribution

&

Retail

0

.5

%

Woolworths

Group

Ltd.

40,000

938,963

Metals

&

Mining

2

.2

%

BHP

Group

Ltd.

50,000

1,534,416

Fortescue

Ltd.

40,000

777,183

Glencore

plc

200,000

1,064,199

Rio

Tinto

plc

12,000

836,723

4,212,521

8,995,321

BRAZIL

1

.2

%

Banks

0

.4

%

Banco

do

Brasil

SA

60,000

683,635

Chemicals

0

.4

%

Yara

International

ASA

20,000

659,083

Oil,

Gas

&

Consumable

Fuels

0

.4

%

Petroleo

Brasileiro

SA,

ADR

50,000

853,500

2,196,218

CHINA

0

.7

%

Automobiles

0

.2

%

BYD

Co.

Ltd.,

Class

H

15,000

334,331

Broadline

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.,

ADR

7,000

505,190

Interactive

Media

&

Services

0

.2

%

Tencent

Holdings

Ltd.

15,000

521,701

1,361,222

COLOMBIA

0

.3

%

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Ecopetrol

SA,

ADR

(a)

40,000

481,200

DENMARK

4

.9

%

Air

Freight

&

Logistics

0

.4

%

DSV

A/S

4,000

715,229

Banks

0

.6

%

Danske

Bank

A/S

40,000

1,076,270

Beverages

0

.6

%

Carlsberg

A/S,

Class

B

8,000

1,028,943

Marine

Transportation

0

.6

%

AP

Moller

-

Maersk

A/S,

Class

B

600

1,106,538

Pharmaceuticals

2

.7

%

Novo

Nordisk

A/S,

Class

B

46,000

5,253,672

9,180,652

FRANCE

10

.6

%

Aerospace

&

Defense

0

.4

%

Airbus

SE

4,500

718,620

Banks

0

.5

%

BNP

Paribas

SA

15,000

1,008,612

Building

Products

0

.8

%

Cie

de

Saint-Gobain

SA

20,000

1,416,288

Common

Stocks

Shares

Value

($)

FRANCE

Chemicals

1

.3

%

Air

Liquide

SA

13,000

2,436,705

Insurance

0

.6

%

AXA

SA

35,000

1,178,327

IT

Services

0

.9

%

Capgemini

SE

7,500

1,678,939

Media

0

.7

%

Publicis

Groupe

SA

13,000

1,304,866

Oil,

Gas

&

Consumable

Fuels

1

.5

%

TotalEnergies

SE

40,000

2,605,121

Personal

Care

Products

1

.3

%

L'Oreal

SA

5,000

2,397,650

Software

0

.4

%

Dassault

Systemes

SE

15,000

781,708

Textiles,

Apparel

&

Luxury

Goods

2

.2

%

Hermes

International

SCA

900

1,899,805

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,500

2,079,251

3,979,056

19,505,892

GERMANY

8

.1

%

Air

Freight

&

Logistics

0

.9

%

Deutsche

Post

AG

33,000

1,587,961

Automobiles

0

.6

%

Bayerische

Motoren

Werke

AG

10,000

1,043,121

Construction

Materials

0

.6

%

Heidelberg

Materials

AG

12,000

1,113,647

Diversified

Telecommunication

Services

0

.5

%

Deutsche

Telekom

AG

(Registered)

40,000

983,203

Industrial

Conglomerates

1

.4

%

Siemens

AG

(Registered)

15,000

2,702,964

Insurance

1

.4

%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,000

2,554,756

Multi-Utilities

0

.5

%

E.ON

SE

65,000

882,270

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Infineon

Technologies

AG

32,500

1,185,103

Software

1

.2

%

SAP

SE

13,000

2,262,387

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

adidas

AG

4,000

761,126

15,076,538

HONG

KONG

0

.3

%

Insurance

0

.3

%

AIA

Group

Ltd.

75,000

583,167

ISRAEL

0

.4

%

Software

0

.4

%

Check

Point

Software

Technologies

Ltd.

*

5,000

794,650

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

ITALY

5

.1

%

Automobiles

0

.8

%

Ferrari

NV

4,000

1,391,555

Banks

2

.1

%

Intesa

Sanpaolo

SpA

550,000

1,701,646

UniCredit

SpA

80,000

2,348,023

4,049,669

Electric

Utilities

0

.9

%

Enel

SpA

235,000

1,602,873

Electrical

Equipment

0

.8

%

Prysmian

SpA

35,000

1,537,443

Insurance

0

.5

%

Assicurazioni

Generali

SpA

40,000

894,365

9,475,905

JAPAN

23

.7

%

Automobile

Components

0

.9

%

Denso

Corp.

60,000

939,028

Sumitomo

Electric

Industries

Ltd.

60,000

798,456

1,737,484

Automobiles

2

.3

%

Honda

Motor

Co.

Ltd.

75,000

838,459

Mazda

Motor

Corp.

100,000

1,212,154

Suzuki

Motor

Corp.

20,000

909,952

Toyota

Motor

Corp.

60,000

1,192,722

4,153,287

Banks

1

.4

%

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

1,875,257

Sumitomo

Mitsui

Financial

Group,

Inc.

15,000

781,628

2,656,885

Beverages

0

.5

%

Kirin

Holdings

Co.

Ltd.

65,000

939,462

Chemicals

0

.5

%

Shin-Etsu

Chemical

Co.

Ltd.

25,000

985,155

Consumer

Staples

Distribution

&

Retail

0

.5

%

Seven

&

i

Holdings

Co.

Ltd.

25,000

995,281

Electrical

Equipment

1

.2

%

Mitsubishi

Electric

Corp.

100,000

1,472,663

Nidec

Corp.

20,000

748,913

2,221,576

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Murata

Manufacturing

Co.

Ltd.

42,000

847,796

Entertainment

0

.5

%

Nintendo

Co.

Ltd.

15,000

839,041

Financial

Services

0

.5

%

ORIX

Corp.

50,000

962,141

Health

Care

Equipment

&

Supplies

0

.9

%

Hoya

Corp.

6,500

824,505

Olympus

Corp.

60,000

888,937

1,713,442

Household

Durables

1

.3

%

Panasonic

Holdings

Corp.

100,000

939,684

Sekisui

Chemical

Co.

Ltd.

40,000

571,970

Sony

Group

Corp.

10,000

988,043

2,499,697

Industrial

Conglomerates

1

.0

%

Hitachi

Ltd.

24,000

1,885,214

Common

Stocks

Shares

Value

($)

JAPAN

Insurance

0

.6

%

Dai-ichi

Life

Holdings,

Inc.

50,000

1,101,700

IT

Services

1

.6

%

Fujitsu

Ltd.

9,000

1,270,852

NEC

Corp.

25,000

1,632,221

2,903,073

Machinery

0

.5

%

Komatsu

Ltd.

30,000

856,518

Metals

&

Mining

0

.6

%

Nippon

Steel

Corp.

50,000

1,205,504

Personal

Care

Products

0

.4

%

Kao

Corp.

20,000

794,787

Pharmaceuticals

1

.0

%

Astellas

Pharma,

Inc.

90,000

1,052,755

Shionogi

&

Co.

Ltd.

15,000

721,466

1,774,221

Professional

Services

0

.9

%

Recruit

Holdings

Co.

Ltd.

43,000

1,703,224

Real

Estate

Management

&

Development

0

.5

%

Daito

Trust

Construction

Co.

Ltd.

8,000

910,455

Semiconductors

&

Semiconductor

Equipment

1

.2

%

Renesas

Electronics

Corp.

*

75,000

1,235,047

Tokyo

Electron

Ltd.

5,000

926,989

2,162,036

Specialty

Retail

0

.6

%

Fast

Retailing

Co.

Ltd.

4,000

1,068,008

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Canon,

Inc.

40,000

1,107,861

Trading

Companies

&

Distributors

2

.1

%

Mitsubishi

Corp.

82,500

1,424,627

Mitsui

&

Co.

Ltd.

35,000

1,417,842

Sumitomo

Corp.

40,000

917,100

3,759,569

Wireless

Telecommunication

Services

1

.1

%

KDDI

Corp.

28,000

926,505

SoftBank

Corp.

80,000

1,063,470

1,989,975

43,773,392

NETHERLANDS

7

.3

%

Banks

1

.0

%

ING

Groep

NV

130,000

1,849,074

Consumer

Staples

Distribution

&

Retail

0

.8

%

Koninklijke

Ahold

Delhaize

NV

50,000

1,404,614

Entertainment

0

.6

%

Universal

Music

Group

NV

40,000

1,177,646

Oil,

Gas

&

Consumable

Fuels

0

.8

%

Shell

plc

45,000

1,397,113

Professional

Services

1

.6

%

Randstad

NV

20,000

1,134,007

Wolters

Kluwer

NV

13,000

1,917,486

3,051,493

Semiconductors

&

Semiconductor

Equipment

2

.5

%

ASML

Holding

NV

(Registered),

ADR

5,400

4,697,028

13,576,968

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

NORWAY

0

.9

%

Banks

0

.6

%

DNB

Bank

ASA

60,000

1,163,883

Food

Products

0

.3

%

Orkla

ASA

75,000

587,468

1,751,351

POLAND

0

.9

%

Insurance

0

.5

%

Powszechny

Zaklad

Ubezpieczen

SA

70,000

845,300

Oil,

Gas

&

Consumable

Fuels

0

.4

%

ORLEN

SA

50,000

778,558

1,623,858

SINGAPORE

0

.6

%

Semiconductors

&

Semiconductor

Equipment

0

.6

%

STMicroelectronics

NV

25,000

1,097,668

SOUTH

KOREA

1

.5

%

Automobiles

0

.5

%

Kia

Corp.

*

12,000

917,763

Banks

0

.5

%

KB

Financial

Group,

Inc.

20,000

847,754

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Samsung

Electronics

Co.

Ltd.

20,000

1,084,495

2,850,012

SPAIN

3

.0

%

Banks

1

.1

%

Banco

Bilbao

Vizcaya

Argentaria

SA

200,000

1,874,638

Construction

&

Engineering

0

.4

%

ACS

Actividades

de

Construccion

y

Servicios

SA

(a)

20,999

828,979

Electric

Utilities

0

.4

%

Iberdrola

SA

65,000

783,138

Iberdrola

SA

*∞(a)

1,119

13,514

Gas

Utilities

0

.4

%

Naturgy

Energy

Group

SA

30,000

808,606

Specialty

Retail

0

.7

%

Industria

de

Diseno

Textil

SA

30,000

1,282,340

5,591,215

SWEDEN

1

.9

%

Machinery

1

.5

%

Atlas

Copco

AB,

Class

B

100,000

1,382,958

Volvo

AB,

Class

B

60,000

1,432,852

2,815,810

Specialty

Retail

0

.4

%

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(a)

50,000

703,914

3,519,724

SWITZERLAND

2

.2

%

Capital

Markets

0

.6

%

UBS

Group

AG

(Registered)

40,000

1,194,667

Insurance

0

.4

%

Zurich

Insurance

Group

AG

1,500

763,162

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

1

.2

%

Novartis

AG

(Registered)

20,000

2,071,381

4,029,210

TAIWAN

0

.9

%

Semiconductors

&

Semiconductor

Equipment

0

.9

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

14,000

1,581,440

UNITED

KINGDOM

10

.2

%

Aerospace

&

Defense

0

.6

%

BAE

Systems

plc

80,000

1,191,749

Banks

1

.0

%

Barclays

plc

450,000

838,876

HSBC

Holdings

plc

125,000

975,292

1,814,168

Beverages

0

.9

%

Coca-Cola

Europacific

Partners

plc

10,000

689,000

Diageo

plc

25,000

899,170

1,588,170

Broadline

Retail

0

.5

%

Next

plc

8,000

855,192

Capital

Markets

1

.0

%

3i

Group

plc

60,000

1,872,466

Diversified

Consumer

Services

0

.5

%

Pearson

plc

75,000

920,341

Household

Products

0

.4

%

Reckitt

Benckiser

Group

plc

10,000

722,122

Multi-Utilities

0

.4

%

Centrica

plc

400,000

700,400

Oil,

Gas

&

Consumable

Fuels

1

.2

%

BP

plc

400,000

2,342,869

Personal

Care

Products

1

.2

%

Unilever

plc

45,000

2,190,929

Pharmaceuticals

1

.0

%

AstraZeneca

plc,

ADR

27,000

1,799,280

Professional

Services

0

.8

%

RELX

plc

37,500

1,550,966

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

Burberry

Group

plc

38,000

629,885

Trading

Companies

&

Distributors

0

.4

%

Bunzl

plc

20,000

813,248

18,991,785

UNITED

STATES

9

.2

%

Automobiles

1

.0

%

Stellantis

NV

85,000

1,875,154

Construction

Materials

1

.7

%

CRH

plc

27,000

1,937,520

Holcim

AG

15,000

1,152,659

3,090,179

Electrical

Equipment

1

.3

%

Schneider

Electric

SE

12,000

2,365,051

Food

Products

1

.7

%

Nestle

SA

(Registered)

27,000

3,078,502

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

2

.4

%

GSK

plc

90,000

1,782,355

Roche

Holding

AG

7,000

2,000,024

Sanofi

SA

8,000

803,293

4,585,672

Software

0

.5

%

Atlassian

Corp.,

Class

A

*

3,500

874,195

Trading

Companies

&

Distributors

0

.6

%

Ferguson

plc

6,000

1,121,424

16,990,177

Total

Common

Stocks

(cost

$142,262,526)

183,027,565

Exchange

Traded

Fund

0

.2

%

UNITED

STATES

0

.2

%

VanEck

Vietnam

ETF

35,000

444,500

Total

Exchange

Traded

Fund

(cost

$622,056)

444,500

Rights

0

.0

%

†

Number

of

Rights

SPAIN

0

.0

%

†

Construction

&

Engineering

0

.0

%

†

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

02/02/24*(a)

20,999

9,622

Total

Rights

(cost

$10,412)

9,622

Repurchase

Agreement

0

.6

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,082,617,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$1,104,269.(b)

1,082,457

1,082,457

Total

Repurchase

Agreement

(cost

$1,082,457)

1,082,457

Total

Investments

(cost

$143,977,451)

—

99.5%

184,564,144

Other

assets

in

excess

of

liabilities

—

0.5%

971,102

NET

ASSETS

—

100.0%

$

185,535,246

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$1,995,098,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,082,457

and

by

$1,233,675

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.23%,

and

maturity

dates

ranging

from

3/31/2024

–

2/15/2051,

a

total

value

of

$2,316,132.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$1,082,457.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

Nationwide

Bailard

International

Equities

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bailard

International

Equities

Fund

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

1,910,369

$

–

$

1,910,369

Air

Freight

&

Logistics

–

2,303,190

–

2,303,190

Automobile

Components

–

1,737,484

–

1,737,484

Automobiles

–

9,715,211

–

9,715,211

Banks

683,635

17,719,990

–

18,403,625

Beverages

689,000

2,867,575

–

3,556,575

Broadline

Retail

505,190

2,072,688

–

2,577,878

Building

Products

–

1,416,288

–

1,416,288

Capital

Markets

–

4,314,437

–

4,314,437

Chemicals

–

4,080,943

–

4,080,943

Construction

&

Engineering

–

828,979

–

828,979

Construction

Materials

1,937,520

2,266,306

–

4,203,826

Consumer

Staples

Distribution

&

Retail

–

3,338,858

–

3,338,858

Diversified

Consumer

Services

–

920,341

–

920,341

Diversified

Telecommunication

Services

–

983,203

–

983,203

Electric

Utilities

–

2,399,525

–

2,399,525

Electrical

Equipment

–

6,124,070

–

6,124,070

Electronic

Equipment,

Instruments

&

Components

–

847,796

–

847,796

Entertainment

–

2,016,687

–

2,016,687

Financial

Services

–

962,141

–

962,141

Food

Products

–

3,665,970

–

3,665,970

Gas

Utilities

–

808,606

–

808,606

Health

Care

Equipment

&

Supplies

–

1,713,442

–

1,713,442

Household

Durables

–

2,499,697

–

2,499,697

Household

Products

–

722,122

–

722,122

Industrial

Conglomerates

–

4,588,178

–

4,588,178

Insurance

–

7,920,777

–

7,920,777

Interactive

Media

&

Services

–

521,701

–

521,701

IT

Services

–

4,582,012

–

4,582,012

Machinery

–

3,672,328

–

3,672,328

Marine

Transportation

–

1,106,538

–

1,106,538

Media

–

1,304,866

–

1,304,866

Metals

&

Mining

–

5,418,025

–

5,418,025

Multi-Utilities

–

1,582,670

–

1,582,670

Oil,

Gas

&

Consumable

Fuels

1,334,700

7,123,661

–

8,458,361

Personal

Care

Products

–

5,383,366

–

5,383,366

Pharmaceuticals

1,799,280

13,684,946

–

15,484,226

Professional

Services

–

6,305,683

–

6,305,683

Real

Estate

Management

&

Development

–

910,455

–

910,455

Semiconductors

&

Semiconductor

Equipment

6,278,468

4,444,807

–

10,723,275

Software

1,668,845

3,044,095

–

4,712,940

Specialty

Retail

–

3,054,262

–

3,054,262

Technology

Hardware,

Storage

&

Peripherals

–

2,192,356

–

2,192,356

Textiles,

Apparel

&

Luxury

Goods

–

5,370,067

–

5,370,067

Trading

Companies

&

Distributors

–

5,694,241

–

5,694,241

Wireless

Telecommunication

Services

–

1,989,975

–

1,989,975

Total

Common

Stocks

$

14,896,638

$

168,130,927

$

–

$

183,027,565

Exchange

Traded

Fund

444,500

–

–

444,500

Repurchase

Agreement

–

1,082,457

–

1,082,457

Rights

9,622

–

–

9,622

Total

$

15,350,760

$

169,213,384

$

–

$

184,564,144

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

99

.2

%

Shares

Value

($)

BRAZIL

1

.1

%

Broadline

Retail

1

.1

%

MercadoLibre,

Inc.

*

1,376

2,355,451

CANADA

1

.6

%

Ground

Transportation

1

.6

%

Canadian

Pacific

Kansas

City

Ltd.

45,336

3,648,188

CHINA

0

.2

%

Chemicals

0

.0

%

†

Tianhe

Chemicals

Group

Ltd.

*^∞

2,702,000

0

Hotels,

Restaurants

&

Leisure

0

.2

%

Meituan,

Class

B

Reg.

S

*(a)

45,780

367,713

367,713

DENMARK

0

.6

%

Biotechnology

0

.6

%

Genmab

A/S

*

4,981

1,378,514

FRANCE

4

.2

%

Automobile

Components

1

.1

%

Cie

Generale

des

Etablissements

Michelin

SCA

70,339

2,342,662

Food

Products

1

.2

%

Danone

SA

39,015

2,601,832

Insurance

1

.9

%

AXA

SA

132,451

4,459,161

9,403,655

GERMANY

0

.8

%

Machinery

0

.8

%

Knorr-Bremse

AG

28,908

1,788,466

INDIA

1

.4

%

Banks

1

.4

%

Axis

Bank

Ltd.,

GDR

Reg.

S

48,968

3,158,714

IRELAND

0

.9

%

Banks

0

.9

%

Bank

of

Ireland

Group

plc

218,440

2,004,393

ITALY

0

.6

%

Electrical

Equipment

0

.6

%

Prysmian

SpA

31,380

1,378,427

JAPAN

7

.0

%

Banks

1

.3

%

Mitsubishi

UFJ

Financial

Group,

Inc.

307,400

2,882,269

Diversified

Telecommunication

Services

1

.4

%

Nippon

Telegraph

&

Telephone

Corp.

2,537,200

3,203,220

Electronic

Equipment,

Instruments

&

Components

1

.4

%

Keyence

Corp.

6,900

3,095,183

Household

Durables

2

.0

%

Sony

Group

Corp.

43,800

4,327,626

Wireless

Telecommunication

Services

0

.9

%

SoftBank

Group

Corp.

46,300

2,001,742

15,510,040

NETHERLANDS

2

.7

%

Entertainment

0

.9

%

Universal

Music

Group

NV

67,840

1,997,288

Common

Stocks

Shares

Value

($)

NETHERLANDS

Health

Care

Equipment

&

Supplies

1

.8

%

Koninklijke

Philips

NV

*

182,249

3,891,958

5,889,246

NORWAY

1

.6

%

Oil,

Gas

&

Consumable

Fuels

1

.6

%

Equinor

ASA

127,306

3,650,501

SWITZERLAND

1

.6

%

Food

Products

0

.6

%

Barry

Callebaut

AG

(Registered)

911

1,332,679

Health

Care

Equipment

&

Supplies

1

.0

%

Alcon,

Inc.

30,351

2,276,250

3,608,929

UNITED

KINGDOM

7

.3

%

Capital

Markets

2

.2

%

London

Stock

Exchange

Group

plc

43,026

4,869,721

Electronic

Equipment,

Instruments

&

Components

1

.4

%

Spectris

plc

65,493

3,059,504

Personal

Care

Products

1

.3

%

Unilever

plc

58,693

2,856,386

Pharmaceuticals

1

.3

%

AstraZeneca

plc

22,273

2,964,395

Trading

Companies

&

Distributors

1

.1

%

Ashtead

Group

plc

36,981

2,420,953

16,170,959

UNITED

STATES

67

.6

%

Automobile

Components

1

.1

%

Aptiv

plc

*

30,550

2,484,632

Automobiles

0

.6

%

Rivian

Automotive,

Inc.,

Class

A

*(b)

88,930

1,361,518

Banks

1

.2

%

Wells

Fargo

&

Co.

52,556

2,637,260

Biotechnology

3

.6

%

AbbVie,

Inc.

10,642

1,749,545

Moderna,

Inc.

*(b)

20,877

2,109,621

Vertex

Pharmaceuticals,

Inc.

*

9,599

4,160,014

8,019,180

Broadline

Retail

2

.8

%

Amazon.com,

Inc.

*

39,563

6,140,178

Building

Products

0

.8

%

Masco

Corp.

26,180

1,761,652

Capital

Markets

2

.3

%

Ameriprise

Financial,

Inc.

13,007

5,031,498

Chemicals

4

.5

%

CF

Industries

Holdings,

Inc.

30,671

2,315,967

Ecolab,

Inc.

13,773

2,730,084

Linde

plc

12,186

4,933,259

9,979,310

Commercial

Services

&

Supplies

2

.7

%

Montrose

Environmental

Group,

Inc.

*

53,773

1,570,709

MSA

Safety,

Inc.

11,161

1,841,900

Waste

Management,

Inc.

13,671

2,537,748

5,950,357

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Consumer

Finance

0

.6

%

SLM

Corp.

64,104

1,274,388

Consumer

Staples

Distribution

&

Retail

1

.6

%

Costco

Wholesale

Corp.

5,158

3,584,191

Electrical

Equipment

0

.9

%

Regal

Rexnord

Corp.

15,047

2,008,173

Electronic

Equipment,

Instruments

&

Components

1

.6

%

Keysight

Technologies,

Inc.

*

11,413

1,749,156

Zebra

Technologies

Corp.,

Class

A

*

7,130

1,707,992

3,457,148

Entertainment

1

.4

%

Take-Two

Interactive

Software,

Inc.

*

18,475

3,047,082

Financial

Services

4

.3

%

Fidelity

National

Information

Services,

Inc.

56,128

3,494,529

Visa,

Inc.,

Class

A

(b)

22,282

6,088,780

9,583,309

Health

Care

Providers

&

Services

3

.4

%

Laboratory

Corp.

of

America

Holdings

8,253

1,834,642

UnitedHealth

Group,

Inc.

10,952

5,604,576

7,439,218

Hotels,

Restaurants

&

Leisure

1

.2

%

Starbucks

Corp.

28,139

2,617,771

Industrial

REITs

0

.7

%

Prologis,

Inc.

11,941

1,512,805

Insurance

1

.7

%

Marsh

&

McLennan

Cos.,

Inc.

19,228

3,727,156

Interactive

Media

&

Services

2

.3

%

Alphabet,

Inc.,

Class

A

*

36,528

5,117,573

Leisure

Products

0

.6

%

Brunswick

Corp.

17,151

1,383,743

Life

Sciences

Tools

&

Services

0

.7

%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

4,959

1,591,294

Machinery

1

.5

%

Ingersoll

Rand,

Inc.

41,374

3,304,128

Oil,

Gas

&

Consumable

Fuels

1

.7

%

Hess

Corp.

26,161

3,676,405

Personal

Care

Products

1

.1

%

Haleon

plc

584,661

2,381,310

Pharmaceuticals

2

.4

%

Eli

Lilly

&

Co.

8,339

5,383,742

Semiconductors

&

Semiconductor

Equipment

6

.6

%

Advanced

Micro

Devices,

Inc.

*

21,159

3,548,152

Broadcom,

Inc.

2,306

2,721,080

Lattice

Semiconductor

Corp.

*

24,290

1,478,289

Micron

Technology,

Inc.

30,032

2,575,244

ON

Semiconductor

Corp.

*(b)

17,077

1,214,687

Universal

Display

Corp.

17,623

2,991,857

14,529,309

Software

11

.9

%

Adobe,

Inc.

*

10,415

6,434,178

Cadence

Design

Systems,

Inc.

*

8,536

2,462,295

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

Microsoft

Corp.

25,850

10,277,442

Salesforce,

Inc.

*

12,006

3,374,767

ServiceNow,

Inc.

*

3,237

2,477,600

Splunk,

Inc.

*

9,381

1,438,764

26,465,046

Specialty

Retail

1

.8

%

TJX

Cos.,

Inc.

(The)

42,674

4,050,189

149,499,565

Total

Common

Stocks

(cost

$178,666,585)

219,812,761

Total

Investments

(cost

$178,666,585)

—

99.2%

219,812,761

Other

assets

in

excess

of

liabilities

—

0.8%

1,785,526

NET

ASSETS

—

100.0%

$

221,598,287

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$367,713

which

represents

0.17%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$9,332,479,

which

was

collateralized

by

$9,668,177

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053.

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Nationwide

Global

Sustainable

Equity

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Global

Sustainable

Equity

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Automobile

Components

$

2,484,632

$

2,342,662

$

–

$

4,827,294

Automobiles

1,361,518

–

–

1,361,518

Banks

2,637,260

8,045,376

–

10,682,636

Biotechnology

8,019,180

1,378,514

–

9,397,694

Broadline

Retail

8,495,629

–

–

8,495,629

Building

Products

1,761,652

–

–

1,761,652

Capital

Markets

5,031,498

4,869,721

–

9,901,219

Chemicals

9,979,310

–

–

9,979,310

Commercial

Services

&

Supplies

5,950,357

–

–

5,950,357

Consumer

Finance

1,274,388

–

–

1,274,388

Consumer

Staples

Distribution

&

Retail

3,584,191

–

–

3,584,191

Diversified

Telecommunication

Services

–

3,203,220

–

3,203,220

Electrical

Equipment

2,008,173

1,378,427

–

3,386,600

Electronic

Equipment,

Instruments

&

Components

3,457,148

6,154,687

–

9,611,835

Entertainment

3,047,082

1,997,288

–

5,044,370

Financial

Services

9,583,309

–

–

9,583,309

Food

Products

–

3,934,511

–

3,934,511

Ground

Transportation

3,648,188

–

–

3,648,188

Health

Care

Equipment

&

Supplies

–

6,168,208

–

6,168,208

Health

Care

Providers

&

Services

7,439,218

–

–

7,439,218

Hotels,

Restaurants

&

Leisure

2,617,771

367,713

–

2,985,484

Household

Durables

–

4,327,626

–

4,327,626

Industrial

REITs

1,512,805

–

–

1,512,805

Insurance

3,727,156

4,459,161

–

8,186,317

Interactive

Media

&

Services

5,117,573

–

–

5,117,573

Leisure

Products

1,383,743

–

–

1,383,743

Life

Sciences

Tools

&

Services

1,591,294

–

–

1,591,294

Machinery

3,304,128

1,788,466

–

5,092,594

Oil,

Gas

&

Consumable

Fuels

3,676,405

3,650,501

–

7,326,906

Personal

Care

Products

–

5,237,696

–

5,237,696

Pharmaceuticals

5,383,742

2,964,395

–

8,348,137

Semiconductors

&

Semiconductor

Equipment

14,529,309

–

–

14,529,309

Software

26,465,046

–

–

26,465,046

Specialty

Retail

4,050,189

–

–

4,050,189

Trading

Companies

&

Distributors

–

2,420,953

–

2,420,953

Wireless

Telecommunication

Services

–

2,001,742

–

2,001,742

Total

$

153,121,894

$

66,690,867

$

–

$

219,812,761

As

of

January

31,

2024,

the

fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

International

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

98

.3

%

Shares

Value

($)

AUSTRALIA

5

.2

%

Chemicals

0

.2

%

Nufarm

Ltd.

397,632

1,434,109

Construction

&

Engineering

0

.0

%

†

Worley

Ltd.

28,761

278,017

Construction

Materials

0

.2

%

Brickworks

Ltd.

34,888

666,128

CSR

Ltd.

143,457

646,697

1,312,825

Consumer

Finance

0

.3

%

Credit

Corp.

Group

Ltd.

(a)

158,916

1,776,547

Containers

&

Packaging

0

.4

%

Orora

Ltd.

1,423,077

2,606,777

Diversified

REITs

1

.5

%

Charter

Hall

Group

668,482

5,232,554

Stockland

1,069,636

3,189,834

8,422,388

Financial

Services

0

.7

%

Liberty

Financial

Group

Ltd.

Reg.

S

803,817

2,193,925

Omni

Bridgeway

Ltd.

*

349,440

306,775

Tyro

Payments

Ltd.

*

2,936,060

2,070,505

4,571,205

Metals

&

Mining

0

.6

%

Bellevue

Gold

Ltd.

*

3,512,021

3,036,555

De

Grey

Mining

Ltd.

*(a)

1,079,204

858,555

3,895,110

Oil,

Gas

&

Consumable

Fuels

0

.4

%

Whitehaven

Coal

Ltd.

404,647

2,235,361

Software

0

.2

%

SiteMinder

Ltd.

*

341,812

1,173,117

Specialized

REITs

0

.4

%

National

Storage

REIT

1,823,253

2,742,690

Trading

Companies

&

Distributors

0

.3

%

Seven

Group

Holdings

Ltd.

71,841

1,688,946

32,137,092

AUSTRIA

1

.8

%

Banks

1

.6

%

Addiko

Bank

AG

180,916

2,861,908

BAWAG

Group

AG

Reg.

S

(b)

142,392

7,313,463

10,175,371

Construction

Materials

0

.2

%

Wienerberger

AG

37,108

1,255,620

11,430,991

BELGIUM

0

.8

%

Banks

0

.8

%

KBC

Ancora

107,271

4,945,537

BRAZIL

1

.8

%

Ground

Transportation

0

.4

%

Rumo

SA

517,498

2,408,668

IT

Services

0

.3

%

LWSA

SA

Reg.

S

(b)

1,779,200

1,960,769

Software

0

.4

%

TOTVS

SA

431,500

2,745,212

Water

Utilities

0

.2

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

90,600

1,442,095

Common

Stocks

Shares

Value

($)

BRAZIL

Wireless

Telecommunication

Services

0

.5

%

TIM

SA

785,200

2,748,137

11,304,881

CANADA

4

.8

%

Biotechnology

0

.4

%

Fusion

Pharmaceuticals,

Inc.

*(a)

162,733

1,890,958

Xenon

Pharmaceuticals,

Inc.

*

19,943

901,822

2,792,780

Chemicals

0

.3

%

EcoSynthetix,

Inc.

*(a)

549,825

2,065,243

Entertainment

0

.1

%

Boat

Rocker

Media,

Inc.

*

667,303

545,973

Financial

Services

1

.0

%

Nuvei

Corp.

251,137

6,100,119

Metals

&

Mining

0

.7

%

Faraday

Copper

Corp.

*

2,371,593

1,005,473

Stelco

Holdings,

Inc.

107,922

3,464,549

4,470,022

Oil,

Gas

&

Consumable

Fuels

0

.9

%

Advantage

Energy

Ltd.

*

198,725

1,303,696

Enerplus

Corp.

94,779

1,376,091

MEG

Energy

Corp.

*

23,966

453,134

NuVista

Energy

Ltd.

*(a)

156,987

1,216,709

Parex

Resources,

Inc.

89,470

1,481,351

5,830,981

Real

Estate

Management

&

Development

0

.7

%

Colliers

International

Group,

Inc.

(a)

34,516

4,051,705

Software

0

.7

%

Lightspeed

Commerce,

Inc.

*

222,710

4,108,258

29,965,081

CHILE

0

.7

%

Metals

&

Mining

0

.7

%

Lundin

Mining

Corp.

(a)

503,040

4,108,282

CHINA

1

.5

%

Automobile

Components

0

.1

%

Minth

Group

Ltd.

474,347

768,026

Biotechnology

0

.1

%

Zai

Lab

Ltd.,

ADR

*(a)

32,787

707,216

Gas

Utilities

0

.5

%

Beijing

Enterprises

Holdings

Ltd.

787,500

2,850,366

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

China

Datang

Corp.

Renewable

Power

Co.

Ltd.,

Class

H

5,116,000

1,104,184

Interactive

Media

&

Services

0

.1

%

Kanzhun

Ltd.,

ADR

63,793

887,361

Real

Estate

Management

&

Development

0

.5

%

Wharf

Holdings

Ltd.

(The)

483,812

1,402,589

Yuexiu

Property

Co.

Ltd.

2,464,364

1,534,865

2,937,454

9,254,607

DENMARK

0

.8

%

Biotechnology

0

.5

%

Ascendis

Pharma

A/S,

ADR

*

8,052

1,046,196

Zealand

Pharma

A/S,

Class

A

*

37,752

2,568,144

3,614,340

32

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

DENMARK

Marine

Transportation

0

.3

%

Dfds

A/S

46,298

1,566,560

5,180,900

EGYPT

0

.3

%

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Energean

plc

(a)

139,339

1,663,345

FINLAND

1

.0

%

Automobile

Components

0

.1

%

Nokian

Renkaat

OYJ

73,684

663,977

Chemicals

0

.6

%

Kemira

OYJ

176,294

3,304,550

Real

Estate

Management

&

Development

0

.3

%

Kojamo

OYJ

170,866

2,021,697

5,990,224

FRANCE

4

.6

%

Automobile

Components

0

.2

%

Valeo

SE

84,000

1,098,479

Construction

Materials

0

.2

%

Imerys

SA

15,472

512,305

Vicat

SACA

21,525

837,213

1,349,518

Energy

Equipment

&

Services

0

.6

%

Technip

Energies

NV

120,599

2,514,094

Vallourec

SACA

*

68,593

987,214

3,501,308

Financial

Services

0

.4

%

Wendel

SE

24,736

2,237,079

Gas

Utilities

0

.4

%

Rubis

SCA

89,350

2,265,102

Ground

Transportation

0

.3

%

ALD

SA

Reg.

S

(b)

249,894

1,660,448

Household

Durables

0

.5

%

Kaufman

&

Broad

SA

98,241

2,903,511

Media

1

.0

%

JCDecaux

SE

*

341,260

7,076,310

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Gaztransport

Et

Technigaz

SA

9,313

1,308,738

Passenger

Airlines

0

.8

%

Air

France-KLM

*

419,448

5,363,568

28,764,061

GERMANY

4

.9

%

Aerospace

&

Defense

1

.0

%

Hensoldt

AG

209,268

6,308,841

Biotechnology

0

.4

%

Immatics

NV

*(a)

97,473

1,107,293

MorphoSys

AG

*(a)

36,248

1,547,703

2,654,996

Diversified

Telecommunication

Services

0

.8

%

United

Internet

AG

(Registered)

190,381

5,005,504

Electronic

Equipment,

Instruments

&

Components

0

.6

%

Jenoptik

AG

125,475

3,947,889

Financial

Services

0

.4

%

Hypoport

SE

*(a)

10,933

2,332,959

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

0

.2

%

KION

Group

AG

31,426

1,446,773

Professional

Services

0

.3

%

Bertrandt

AG

31,862

1,702,699

Real

Estate

Management

&

Development

0

.4

%

Sirius

Real

Estate

Ltd.

1,942,537

2,226,509

Semiconductors

&

Semiconductor

Equipment

0

.8

%

AIXTRON

SE

125,266

4,706,790

30,332,960

HONG

KONG

0

.9

%

Banks

0

.9

%

Dah

Sing

Financial

Holdings

Ltd.

2,725,409

5,474,763

INDIA

0

.3

%

Hotels,

Restaurants

&

Leisure

0

.3

%

MakeMyTrip

Ltd.

*

36,390

2,015,642

ISRAEL

1

.9

%

IT

Services

1

.3

%

Wix.com

Ltd.

*

62,882

7,978,468

Real

Estate

Management

&

Development

0

.6

%

Melisron

Ltd.

52,366

3,824,866

11,803,334

ITALY

4

.4

%

Banks

0

.1

%

Banca

Monte

dei

Paschi

di

Siena

SpA

*

154,663

543,622

Construction

Materials

0

.3

%

Buzzi

SpA

45,744

1,558,155

Electrical

Equipment

0

.1

%

Eurogroup

Laminations

SpA

*(a)

232,094

752,544

Financial

Services

0

.9

%

Banca

Mediolanum

SpA

168,836

1,726,037

BFF

Bank

SpA

Reg.

S

(b)

350,158

3,777,746

5,503,783

Gas

Utilities

0

.5

%

Italgas

SpA

550,574

3,137,991

Health

Care

Equipment

&

Supplies

0

.3

%

DiaSorin

SpA

22,648

2,082,039

Household

Durables

0

.7

%

De'

Longhi

SpA

129,200

4,190,702

Life

Sciences

Tools

&

Services

0

.5

%

Stevanato

Group

SpA

(a)

90,074

2,858,949

Semiconductors

&

Semiconductor

Equipment

0

.4

%

Technoprobe

SpA

*

272,113

2,706,162

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Brunello

Cucinelli

SpA

39,560

3,910,114

27,244,061

JAPAN

28

.3

%

Automobile

Components

0

.9

%

Ichikoh

Industries

Ltd.

38,200

151,658

Koito

Manufacturing

Co.

Ltd.

58,800

903,033

Musashi

Seimitsu

Industry

Co.

Ltd.

107,100

1,217,511

Nifco,

Inc.

30,995

804,599

Niterra

Co.

Ltd.

83,700

2,256,123

5,332,924

Nationwide

International

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

JAPAN

Banks

2

.1

%

Kyoto

Financial

Group,

Inc.

338,864

5,661,984

Rakuten

Bank

Ltd.

*

233,500

3,643,887

Shiga

Bank

Ltd.

(The)

159,100

3,966,129

13,272,000

Broadline

Retail

0

.4

%

ASKUL

Corp.

201,882

2,732,504

Building

Products

0

.4

%

Lixil

Corp.

100,900

1,343,946

Sanwa

Holdings

Corp.

59,200

906,776

2,250,722

Chemicals

2

.6

%

ADEKA

Corp.

34,700

680,724

Air

Water,

Inc.

95,500

1,265,124

Daicel

Corp.

72,400

710,229

Denka

Co.

Ltd.

22,400

391,256

JSR

Corp.

(a)

88,682

2,430,371

Kansai

Paint

Co.

Ltd.

66,800

1,114,501

Lintec

Corp.

32,100

608,507

Mitsubishi

Gas

Chemical

Co.,

Inc.

56,100

917,721

Nippon

Shokubai

Co.

Ltd.

13,500

508,012

NOF

Corp.

28,400

1,283,979

Resonac

Holdings

Corp.

38,600

770,753

Shin-Etsu

Polymer

Co.

Ltd.

80,100

881,441

Sumitomo

Bakelite

Co.

Ltd.

17,600

876,977

Teijin

Ltd.

56,100

516,521

Tokyo

Ohka

Kogyo

Co.

Ltd.

119,400

2,718,141

UBE

Corp.

36,700

609,577

16,283,834

Commercial

Services

&

Supplies

0

.2

%

Kokuyo

Co.

Ltd.

78,900

1,272,927

Construction

&

Engineering

1

.4

%

COMSYS

Holdings

Corp.

55,700

1,218,797

EXEO

Group,

Inc.

51,300

1,145,755

INFRONEER

Holdings,

Inc.

57,000

597,377

JGC

Holdings

Corp.

82,900

971,786

Kinden

Corp.

37,800

630,428

Kyudenko

Corp.

31,800

1,210,607

MIRAIT

ONE

Corp.

53,200

703,130

Penta-Ocean

Construction

Co.

Ltd.

101,700

545,407

SHO-BOND

Holdings

Co.

Ltd.

16,000

714,192

Yokogawa

Bridge

Holdings

Corp.

33,300

644,718

8,382,197

Construction

Materials

0

.1

%

Taiheiyo

Cement

Corp.

29,100

599,670

Consumer

Finance

1

.1

%

Marui

Group

Co.

Ltd.

405,563

6,747,544

Consumer

Staples

Distribution

&

Retail

0

.1

%

Sundrug

Co.

Ltd.

17,723

534,791

Containers

&

Packaging

0

.3

%

FP

Corp.

96,700

1,876,954

Distributors

0

.2

%

PALTAC

Corp.

49,100

1,499,173

Diversified

Telecommunication

Services

0

.2

%

JTOWER,

Inc.

*(a)

43,281

1,332,956

Electric

Utilities

0

.9

%

Kyushu

Electric

Power

Co.,

Inc.

*

755,900

5,677,806

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

0

.4

%

Canon

Marketing

Japan,

Inc.

46,700

1,421,098

Taiyo

Yuden

Co.

Ltd.

51,900

1,256,922

2,678,020

Entertainment

0

.2

%

Square

Enix

Holdings

Co.

Ltd.

25,454

994,841

Financial

Services

0

.5

%

GMO

Financial

Gate,

Inc.

36,665

2,524,218

GMO

Payment

Gateway,

Inc.

(a)

11,066

663,652

3,187,870

Ground

Transportation

0

.2

%

Fukuyama

Transporting

Co.

Ltd.

46,400

1,291,018

Health

Care

Equipment

&

Supplies

1

.0

%

Asahi

Intecc

Co.

Ltd.

204,900

3,893,448

Mani,

Inc.

172,400

2,401,211

6,294,659

Household

Durables

0

.8

%

Casio

Computer

Co.

Ltd.

237,800

2,048,848

Nikon

Corp.

299,300

3,052,202

5,101,050

Industrial

Conglomerates

1

.2

%

Hikari

Tsushin,

Inc.

43,296

7,550,261

Industrial

REITs

0

.5

%

LaSalle

Logiport

REIT

3,346

3,390,254

IT

Services

0

.2

%

Simplex

Holdings,

Inc.

60,860

1,109,842

Leisure

Products

0

.8

%

Sega

Sammy

Holdings,

Inc.

328,200

4,828,999

Machinery

2

.1

%

Amada

Co.

Ltd.

140,800

1,521,363

DMG

Mori

Co.

Ltd.

59,400

1,191,990

Ebara

Corp.

32,700

2,068,646

IHI

Corp.

(a)

54,700

1,045,866

Japan

Steel

Works

Ltd.

(The)

21,500

355,034

Kawasaki

Heavy

Industries

Ltd.

64,600

1,470,939

Kurita

Water

Industries

Ltd.

26,500

971,256

Miura

Co.

Ltd.

34,000

622,587

NGK

Insulators

Ltd.

50,800

638,342

NSK

Ltd.

107,800

590,517

Sumitomo

Heavy

Industries

Ltd.

57,700

1,500,109

THK

Co.

Ltd.

59,800

1,152,452

13,129,101

Media

0

.8

%

Hakuhodo

DY

Holdings,

Inc.

676,954

5,213,117

Professional

Services

1

.7

%

en

Japan,

Inc.

169,200

3,134,181

TechnoPro

Holdings,

Inc.

275,000

6,328,675

Visional,

Inc.

*(a)

15,769

996,158

10,459,014

Real

Estate

Management

&

Development

2

.0

%

Daito

Trust

Construction

Co.

Ltd.

37,706

4,291,201

Heiwa

Real

Estate

Co.

Ltd.

68,700

1,818,331

SRE

Holdings

Corp.

*(a)

106,900

2,408,998

Tokyu

Fudosan

Holdings

Corp.

553,600

3,692,741

12,211,271

Residential

REITs

0

.5

%

Comforia

Residential

REIT,

Inc.

1,396

2,933,245

Semiconductors

&

Semiconductor

Equipment

1

.3

%

Kokusai

Electric

Corp.

*

54,500

1,385,935

34

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

Shinko

Electric

Industries

Co.

Ltd.

50,400

1,865,259

Ulvac,

Inc.

104,900

5,120,789

8,371,983

Software

0

.3

%

Sansan,

Inc.

*(a)

179,081

1,667,392

Specialty

Retail

1

.6

%

ABC-Mart,

Inc.

247,545

4,280,402

Shimamura

Co.

Ltd.

51,603

5,677,678

9,958,080

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

Asics

Corp.

67,600

2,054,183

Trading

Companies

&

Distributors

0

.6

%

Inaba

Denki

Sangyo

Co.

Ltd.

36,800

880,144

Sojitz

Corp.

84,180

1,986,065

Yamazen

Corp.

72,700

624,456

3,490,665

Transportation

Infrastructure

0

.4

%

Japan

Airport

Terminal

Co.

Ltd.

67,700

2,691,768

176,402,635

JERSEY

0

.6

%

Metals

&

Mining

0

.4

%

Metals

Acquisition

Ltd.,

Class

A

*(a)

164,339

2,136,407

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Ithaca

Energy

plc

854,711

1,479,533

3,615,940

MEXICO

0

.6

%

Real

Estate

Management

&

Development

0

.6

%

Corp.

Inmobiliaria

Vesta

SAB

de

CV

982,009

3,734,276

NETHERLANDS

0

.6

%

Biotechnology

0

.3

%

Merus

NV

*(a)

50,596

1,805,265

Chemicals

0

.1

%

Corbion

NV

28,972

557,827

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Koninklijke

Vopak

NV

21,877

684,146

Professional

Services

0

.1

%

Arcadis

NV

16,161

885,638

3,932,876

NEW

ZEALAND

0

.2

%

Building

Products

0

.2

%

Fletcher

Building

Ltd.

346,482

956,324

NORWAY

0

.5

%

Energy

Equipment

&

Services

0

.2

%

Seadrill

Ltd.

*

16,707

722,077

TGS

ASA

62,271

613,298

1,335,375

Industrial

Conglomerates

0

.3

%

Aker

ASA,

Class

A

25,729

1,531,342

2,866,717

Common

Stocks

Shares

Value

($)

PORTUGAL

0

.1

%

Banks

0

.1

%

Banco

Comercial

Portugues

SA,

Class

R

*

1,785,040

517,992

SINGAPORE

1

.7

%

Ground

Transportation

0

.1

%

ComfortDelGro

Corp.

Ltd.

847,500

882,955

Real

Estate

Management

&

Development

0

.6

%

UOL

Group

Ltd.

737,070

3,416,883

Specialized

REITs

0

.4

%

Keppel

DC

REIT

2,082,200

2,605,717

Transportation

Infrastructure

0

.6

%

SATS

Ltd.

*

1,825,829

3,719,234

10,624,789

SLOVENIA

0

.5

%

Banks

0

.5

%

Nova

Ljubljanska

Banka

dd,

GDR

Reg.

S

142,093

2,817,813

SOUTH

AFRICA

0

.2

%

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Thungela

Resources

Ltd.

(a)

181,101

1,142,697

SOUTH

KOREA

0

.5

%

Automobile

Components

0

.5

%

Hankook

Tire

&

Technology

Co.

Ltd.

*

46,018

1,751,683

Hanon

Systems

157,253

724,180

SNT

Motiv

Co.

Ltd.

11,373

376,679

2,852,542

SPAIN

0

.4

%

Office

REITs

0

.1

%

Arima

Real

Estate

SOCIMI

SA

*

68,868

490,818

Pharmaceuticals

0

.3

%

Almirall

SA

222,862

2,115,500

2,606,318

SWEDEN

2

.9

%

Containers

&

Packaging

0

.4

%

Billerud

Aktiebolag

300,923

2,667,358

Health

Care

Equipment

&

Supplies

0

.3

%

Surgical

Science

Sweden

AB

*(a)

111,822

1,911,206

Leisure

Products

0

.4

%

Thule

Group

AB

Reg.

S

(b)

89,365

2,272,069

Machinery

1

.2

%

Trelleborg

AB,

Class

B

257,135

7,790,473

Metals

&

Mining

0

.3

%

SSAB

AB,

Class

A

260,737

2,026,278

Real

Estate

Management

&

Development

0

.3

%

Castellum

AB

*(a)

121,629

1,572,681

18,240,065

SWITZERLAND

2

.0

%

Life

Sciences

Tools

&

Services

2

.0

%

Siegfried

Holding

AG

(Registered)

5,893

5,892,292

Tecan

Group

AG

(Registered)

16,276

6,222,243

12,114,535

Nationwide

International

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

TAIWAN

1

.3

%

Electronic

Equipment,

Instruments

&

Components

0

.4

%

Chroma

ATE,

Inc.

354,209

2,266,429

Semiconductors

&

Semiconductor

Equipment

0

.9

%

ASPEED

Technology,

Inc.

26,000

2,528,470

Nanya

Technology

Corp.

1,404,000

3,055,527

5,583,997

7,850,426

UNITED

KINGDOM

22

.0

%

Beverages

0

.6

%

Britvic

plc

315,685

3,531,331

Biotechnology

0

.7

%

Immunocore

Holdings

plc,

ADR

*(a)

56,141

4,058,433

Broadline

Retail

0

.7

%

B&M

European

Value

Retail

SA

643,530

4,212,650

Capital

Markets

1

.2

%

Allfunds

Group

plc

490,110

3,504,345

Impax

Asset

Management

Group

plc

268,870

1,841,657

Intermediate

Capital

Group

plc

88,760

2,008,425

7,354,427

Chemicals

0

.5

%

Elementis

plc

*

1,407,040

2,539,107

Synthomer

plc

*(a)

313,653

620,684

3,159,791

Commercial

Services

&

Supplies

0

.8

%

Smart

Metering

Systems

plc

403,406

4,860,779

Consumer

Staples

Distribution

&

Retail

1

.1

%

Marks

&

Spencer

Group

plc

1,057,476

3,305,442

Ocado

Group

plc

*

497,428

3,416,184

6,721,626

Distributors

0

.0

%

†

Inchcape

plc

32,335

279,406

Electronic

Equipment,

Instruments

&

Components

1

.0

%

Spectris

plc

126,646

5,916,265

Energy

Equipment

&

Services

0

.0

%

†

Subsea

7

SA

13,644

184,131

Food

Products

0

.5

%

Tate

&

Lyle

plc

422,003

3,331,655

Ground

Transportation

0

.5

%

Mobico

Group

plc

3,043,792

3,293,567

Health

Care

Equipment

&

Supplies

0

.8

%

ConvaTec

Group

plc

Reg.

S

(b)

1,718,291

5,212,401

Hotels,

Restaurants

&

Leisure

1

.7

%

Deliveroo

plc

Reg.

S

*(b)

616,579

912,955

Greggs

plc

95,621

3,226,500

Trainline

plc

Reg.

S

*(b)

1,594,639

6,634,661

10,774,116

Household

Durables

0

.3

%

Bellway

plc

52,220

1,811,125

Insurance

2

.6

%

Beazley

plc

1,417,180

9,776,645

Sabre

Insurance

Group

plc

Reg.

S

(b)

3,424,407

6,681,142

16,457,787

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

IT

Services

0

.9

%

Softcat

plc

320,673

5,886,168

Machinery

2

.9

%

IMI

plc

457,737

9,770,248

Rotork

plc

2,165,208

8,568,001

18,338,249

Pharmaceuticals

0

.4

%

Verona

Pharma

plc,

ADR

*(a)

150,224

2,756,610

Real

Estate

Management

&

Development

0

.4

%

Savills

plc

183,902

2,350,120

Retail

REITs

1

.9

%

Hammerson

plc

15,291,257

5,213,569

Shaftesbury

Capital

plc

3,779,628

6,384,162

11,597,731

Specialized

REITs

0

.6

%

Big

Yellow

Group

plc

240,966

3,485,982

Specialty

Retail

0

.3

%

WH

Smith

plc

136,961

2,087,475

Trading

Companies

&

Distributors

1

.0

%

Howden

Joinery

Group

plc

250,324

2,546,154

RS

GROUP

plc

387,485

3,838,688

6,384,842

Water

Utilities

0

.6

%

Pennon

Group

plc

385,858

3,435,591

137,482,258

UNITED

STATES

0

.2

%

Building

Products

0

.2

%

Reliance

Worldwide

Corp.

Ltd.

476,606

1,307,677

Total

Common

Stocks

(cost

$581,041,590)

610,681,641

Exchange

Traded

Fund

0

.6

%

UNITED

STATES

0

.6

%

iShares

MSCI

EAFE

Small-Cap

ETF

(a)

57,293

3,455,341

Total

Exchange

Traded

Fund

(cost

$3,404,533)

3,455,341

Rights

0

.0

%

†

Number

of

Rights

FRANCE

0

.0

%

†

Biotechnology

0

.0

%

†

Clementia

Pharmaceuticals,

Inc.,

CVR*^∞

16,268

0

Total

Rights

(cost

$0)

0

36

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

Repurchase

Agreements

2

.5

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$7,769,560,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$7,924,951.(c)

7,768,414

7,768,414

Nomura

Securities

International,

Inc.,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,000,441,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

5/31/2025

-

2/15/2050;

total

market

value

$3,060,001.(c)

3,000,000

3,000,000

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,722,813,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$4,817,269.(c)

4,722,117

4,722,117

Total

Repurchase

Agreements

(cost

$15,490,531)

15,490,531

Total

Investments

(cost

$599,936,654)

—

101.4%

629,627,513

Liabilities

in

excess

of

other

assets

—

(1.4)%

(

8,836,365

)

NET

ASSETS

—

100.0%

$

620,791,148

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$28,223,552,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,490,531

and

by

$14,961,248

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.51%,

and

maturity

dates

ranging

from

3/15/2024

–

8/15/2053,

a

total

value

of

$30,451,779.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$36,425,654

which

represents

5.87%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$15,490,531.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

DK

Denmark

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Nationwide

International

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

38

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Small

Cap

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

6,308,841

$

–

$

6,308,841

Automobile

Components

–

10,715,948

–

10,715,948

Banks

–

37,747,098

–

37,747,098

Beverages

–

3,531,331

–

3,531,331

Biotechnology

11,517,183

4,115,847

–

15,633,030

Broadline

Retail

–

6,945,154

–

6,945,154

Building

Products

–

4,514,723

–

4,514,723

Capital

Markets

–

7,354,427

–

7,354,427

Chemicals

2,065,243

24,740,111

–

26,805,354

Commercial

Services

&

Supplies

–

6,133,706

–

6,133,706

Construction

&

Engineering

–

8,660,214

–

8,660,214

Construction

Materials

–

6,075,788

–

6,075,788

Consumer

Finance

–

8,524,091

–

8,524,091

Consumer

Staples

Distribution

&

Retail

–

7,256,417

–

7,256,417

Containers

&

Packaging

–

7,151,089

–

7,151,089

Distributors

–

1,778,579

–

1,778,579

Diversified

REITs

–

8,422,388

–

8,422,388

Diversified

Telecommunication

Services

–

6,338,460

–

6,338,460

Electric

Utilities

–

5,677,806

–

5,677,806

Electrical

Equipment

–

752,544

–

752,544

Electronic

Equipment,

Instruments

&

Components

–

14,808,603

–

14,808,603

Energy

Equipment

&

Services

722,077

4,298,737

–

5,020,814

Entertainment

545,973

994,841

–

1,540,814

Financial

Services

6,100,119

17,832,896

–

23,933,015

Food

Products

–

3,331,655

–

3,331,655

Gas

Utilities

–

8,253,459

–

8,253,459

Ground

Transportation

2,408,668

7,127,988

–

9,536,656

Health

Care

Equipment

&

Supplies

–

15,500,305

–

15,500,305

Hotels,

Restaurants

&

Leisure

2,015,642

10,774,116

–

12,789,758

Household

Durables

–

14,006,388

–

14,006,388

Independent

Power

and

Renewable

Electricity

Producers

–

1,104,184

–

1,104,184

Industrial

Conglomerates

–

9,081,603

–

9,081,603

Industrial

REITs

–

3,390,254

–

3,390,254

Insurance

–

16,457,787

–

16,457,787

Interactive

Media

&

Services

887,361

–

–

887,361

IT

Services

9,939,237

6,996,010

–

16,935,247

Leisure

Products

–

7,101,068

–

7,101,068

Life

Sciences

Tools

&

Services

2,858,949

12,114,535

–

14,973,484

Machinery

–

40,704,596

–

40,704,596

Marine

Transportation

–

1,566,560

–

1,566,560

Media

–

12,289,427

–

12,289,427

Metals

&

Mining

10,714,711

5,921,388

–

16,636,099

Office

REITs

–

490,818

–

490,818

Oil,

Gas

&

Consumable

Fuels

5,830,981

8,513,820

–

14,344,801

Passenger

Airlines

–

5,363,568

–

5,363,568

Pharmaceuticals

2,756,610

2,115,500

–

4,872,110

Professional

Services

–

13,047,351

–

13,047,351

Real

Estate

Management

&

Development

7,785,981

30,561,481

–

38,347,462

Residential

REITs

–

2,933,245

–

2,933,245

Retail

REITs

–

11,597,731

–

11,597,731

Semiconductors

&

Semiconductor

Equipment

–

21,368,932

–

21,368,932

Software

6,853,470

2,840,509

–

9,693,979

Specialized

REITs

–

8,834,389

–

8,834,389

Specialty

Retail

–

12,045,555

–

12,045,555

Textiles,

Apparel

&

Luxury

Goods

–

5,964,297

–

5,964,297

Trading

Companies

&

Distributors

–

11,564,453

–

11,564,453

Nationwide

International

Small

Cap

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Transportation

Infrastructure

–

$

6,411,002

$

–

$

6,411,002

Water

Utilities

1,442,095

3,435,591

–

4,877,686

Wireless

Telecommunication

Services

2,748,137

–

–

2,748,137

Total

Common

Stocks

$

77,192,437

$

533,489,204

$

–

$

610,681,641

Exchange

Traded

Fund

3,455,341

–

–

3,455,341

Repurchase

Agreements

–

15,490,531

–

15,490,531

Rights

–

–

–

–

Total

$

80,647,778

$

548,979,735

$

–

$

629,627,513

As

of

January

31,

2024,

the

fund

held

one

rights

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

40

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

Common

Stocks

96

.1

%

Shares

Value

($)

AUSTRIA

3

.1

%

Banks

3

.1

%

Erste

Group

Bank

AG

32,864

1,422,021

CANADA

7

.7

%

Metals

&

Mining

4

.1

%

Teck

Resources

Ltd.,

Class

B

46,884

1,876,476

Oil,

Gas

&

Consumable

Fuels

3

.6

%

Canadian

Natural

Resources

Ltd.

26,038

1,666,172

3,542,648

CHINA

1

.8

%

Biotechnology

0

.3

%

Zai

Lab

Ltd.,

ADR

*(a)

6,270

135,244

Broadline

Retail

0

.7

%

JD.com,

Inc.,

Class

A

28,828

323,406

Ground

Transportation

0

.8

%

Full

Truck

Alliance

Co.

Ltd.,

ADR

*(a)

56,490

354,757

813,407

DENMARK

2

.6

%

Biotechnology

0

.7

%

Ascendis

Pharma

A/S,

ADR

*

2,462

319,888

Pharmaceuticals

1

.9

%

Novo

Nordisk

A/S,

Class

B

7,461

852,122

1,172,010

FRANCE

8

.6

%

Banks

4

.3

%

BNP

Paribas

SA

29,830

2,005,793

Oil,

Gas

&

Consumable

Fuels

3

.3

%

Gaztransport

Et

Technigaz

SA

3,139

441,118

TotalEnergies

SE

16,420

1,069,402

1,510,520

Textiles,

Apparel

&

Luxury

Goods

1

.0

%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

541

449,950

3,966,263

GERMANY

5

.7

%

Automobiles

1

.3

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S

(b)

6,977

595,404

Diversified

Telecommunication

Services

4

.4

%

Deutsche

Telekom

AG

(Registered)

83,064

2,041,720

2,637,124

HONG

KONG

2

.5

%

Insurance

2

.5

%

AIA

Group

Ltd.

147,675

1,148,255

INDIA

2

.6

%

Banks

2

.5

%

HDFC

Bank

Ltd.

66,642

1,166,508

Hotels,

Restaurants

&

Leisure

0

.1

%

MakeMyTrip

Ltd.

*

852

47,192

1,213,700

Common

Stocks

Shares

Value

($)

ITALY

3

.2

%

Banks

1

.9

%

UniCredit

SpA

28,759

844,085

Beverages

1

.3

%

Davide

Campari-Milano

NV

60,349

612,112

1,456,197

JAPAN

14

.5

%

Automobiles

1

.5

%

Toyota

Motor

Corp.

35,000

695,754

Chemicals

0

.5

%

Shin-Etsu

Chemical

Co.

Ltd.

6,200

244,318

Commercial

Services

&

Supplies

2

.4

%

Secom

Co.

Ltd.

15,368

1,113,608

Electronic

Equipment,

Instruments

&

Components

3

.1

%

Keyence

Corp.

3,022

1,355,601

Health

Care

Equipment

&

Supplies

2

.5

%

Hoya

Corp.

8,995

1,140,988

Insurance

4

.0

%

Dai-ichi

Life

Holdings,

Inc.

81,102

1,787,002

Pharmaceuticals

0

.5

%

Daiichi

Sankyo

Co.

Ltd.

8,200

247,259

6,584,530

NETHERLANDS

8

.5

%

Beverages

3

.2

%

Heineken

NV

14,731

1,482,588

Biotechnology

1

.0

%

Argenx

SE,

ADR

*

1,174

446,719

Semiconductors

&

Semiconductor

Equipment

4

.3

%

ASML

Holding

NV

2,299

1,970,352

3,899,659

SOUTH

KOREA

1

.4

%

Semiconductors

&

Semiconductor

Equipment

1

.4

%

SK

Hynix,

Inc.

6,467

640,694

SWEDEN

2

.3

%

Electronic

Equipment,

Instruments

&

Components

2

.3

%

Hexagon

AB,

Class

B

96,070

1,047,056

SWITZERLAND

0

.9

%

Pharmaceuticals

0

.9

%

Novartis

AG

(Registered)

4,126

427,326

TAIWAN

5

.3

%

Semiconductors

&

Semiconductor

Equipment

5

.3

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

121,000

2,423,995

UNITED

KINGDOM

13

.7

%

Aerospace

&

Defense

5

.2

%

BAE

Systems

plc

160,513

2,391,141

Banks

1

.4

%

NatWest

Group

plc

233,026

660,817

Commercial

Services

&

Supplies

0

.7

%

Rentokil

Initial

plc

63,906

329,946

Hotels,

Restaurants

&

Leisure

2

.4

%

Entain

plc

90,351

1,102,230

Nationwide

Janus

Henderson

Overseas

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Personal

Care

Products

3

.0

%

Unilever

plc

28,181

1,372,057

Pharmaceuticals

1

.0

%

AstraZeneca

plc

3,376

449,324

6,305,515

UNITED

STATES

11

.7

%

Entertainment

2

.7

%

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

*

18,083

1,216,082

Life

Sciences

Tools

&

Services

1

.0

%

ICON

plc

*

1,788

466,436

Pharmaceuticals

2

.1

%

Sanofi

SA

9,758

979,816

Textiles,

Apparel

&

Luxury

Goods

2

.9

%

Samsonite

International

SA

Reg.

S

*(b)

484,822

1,346,685

Trading

Companies

&

Distributors

3

.0

%

Ferguson

plc

7,237

1,352,623

5,361,642

Total

Common

Stocks

(cost

$35,481,262)

44,062,042

Repurchase

Agreement

1

.0

%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

01/31/2024,

due

2/1/2024,

repurchase

price

$470,607,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$480,019.(c)

470,538

470,538

Total

Repurchase

Agreement

(cost

$470,538)

470,538

Total

Investments

(cost

$35,951,800)

—

97.1%

44,532,580

Other

assets

in

excess

of

liabilities

—

2.9%

1,338,297

NET

ASSETS

—

100.0%

$

45,870,877

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$489,973,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$470,538

and

by

$36,366

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.13%,

and

maturity

dates

ranging

from

2/13/2024

–

11/15/2052,

a

total

value

of

$506,904.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$1,942,089

which

represents

4.23%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$470,538.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

42

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Janus

Henderson

Overseas

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Janus

Henderson

Overseas

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

2,391,141

$

–

$

2,391,141

Automobiles

–

1,291,158

–

1,291,158

Banks

–

6,099,224

–

6,099,224

Beverages

–

2,094,700

–

2,094,700

Biotechnology

901,851

–

–

901,851

Broadline

Retail

–

323,406

–

323,406

Chemicals

–

244,318

–

244,318

Commercial

Services

&

Supplies

–

1,443,554

–

1,443,554

Diversified

Telecommunication

Services

–

2,041,720

–

2,041,720

Electronic

Equipment,

Instruments

&

Components

–

2,402,657

–

2,402,657

Entertainment

1,216,082

–

–

1,216,082

Ground

Transportation

354,757

–

–

354,757

Health

Care

Equipment

&

Supplies

–

1,140,988

–

1,140,988

Hotels,

Restaurants

&

Leisure

47,192

1,102,230

–

1,149,422

Insurance

–

2,935,257

–

2,935,257

Life

Sciences

Tools

&

Services

466,436

–

–

466,436

Metals

&

Mining

1,876,476

–

–

1,876,476

Oil,

Gas

&

Consumable

Fuels

1,666,172

1,510,520

–

3,176,692

Personal

Care

Products

–

1,372,057

–

1,372,057

Pharmaceuticals

–

2,955,847

–

2,955,847

Semiconductors

&

Semiconductor

Equipment

–

5,035,041

–

5,035,041

Textiles,

Apparel

&

Luxury

Goods

–

1,796,635

–

1,796,635

Trading

Companies

&

Distributors

–

1,352,623

–

1,352,623

Total

Common

Stocks

$

6,528,966

$

37,533,076

$

–

$

44,062,042

Repurchase

Agreement

–

470,538

–

470,538

Total

$

6,528,966

$

38,003,614

$

–

$

44,532,580

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.3

%

Principal

Amount

($)

Value

($)

Airlines

0

.1

%

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

138,313

134,887

Automobiles

0

.0

%

†

Santander

Drive

Auto

Receivables

Trust,

Series

2024-1,

Class

B,

5.23%,

12/15/2028

90,000

90,540

Credit

Card

0

.2

%

American

Express

Credit

Account

Master

Trust,

Series

2023-4,

Class

A,

5.15%,

9/15/2030

500,000

514,577

Total

Asset-Backed

Securities

(cost

$739,883)

740,004

Commercial

Mortgage-Backed

Securities

1

.6

%

BBCMS

Mortgage

Trust,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

450,000

429,490

Citigroup

Commercial

Mortgage

Trust,

Series

2014-GC25,

Class

A4,

3.64%,

10/10/2047

500,000

491,609

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K066,

Class

A2,

3.12%,

6/25/2027

250,000

240,249

Series

K739,

Class

A2,

1.34%,

9/25/2027

620,000

561,163

Series

K-152,

Class

A2,

3.78%,

11/25/2032(a)

500,000

474,708

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

200,000

188,445

FNMA

ACES

REMICS,

Series

2020-M5,

Class

A2,

2.21%,

1/25/2030

1,054,527

937,444

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP7,

Class

A5,

3.45%,

9/15/2050

750,000

694,296

Morgan

Stanley

Capital

I

Trust

Series

2016-UBS9,

Class

A4,

3.59%,

3/15/2049

450,000

430,422

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

150,000

139,036

Total

Commercial

Mortgage-Backed

Securities

(cost

$5,014,106)

4,586,862

Corporate

Bonds

25

.2

%

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

3.10%,

5/1/2026

200,000

191,523

3.20%,

3/1/2029

100,000

91,918

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

Boeing

Co.

(The),

5.15%,

5/1/2030

50,000

50,110

6.13%,

2/15/2033

50,000

52,922

5.71%,

5/1/2040

200,000

201,467

5.81%,

5/1/2050

25,000

25,036

General

Dynamics

Corp.

,

4.25%,

4/1/2040

50,000

46,311

L3Harris

Technologies,

Inc.

,

4.85%,

4/27/2035

55,000

54,068

Leidos,

Inc.

,

2.30%,

2/15/2031

50,000

41,677

Lockheed

Martin

Corp.

,

4.09%,

9/15/2052

100,000

86,530

4.15%,

6/15/2053

10,000

8,716

5.70%,

11/15/2054

25,000

27,401

4.30%,

6/15/2062

10,000

8,756

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

100,000

94,837

RTX

Corp.

,

3.95%,

8/16/2025

80,000

78,986

4.13%,

11/16/2028

200,000

194,948

6.10%,

3/15/2034

50,000

54,267

4.50%,

6/1/2042

100,000

91,509

3.75%,

11/1/2046

50,000

39,963

3.03%,

3/15/2052

50,000

34,049

1,474,994

Air

Freight

&

Logistics

0

.1

%

FedEx

Corp.

,

4.25%,

5/15/2030

100,000

97,546

4.55%,

4/1/2046

100,000

88,972

United

Parcel

Service,

Inc.

,

6.20%,

1/15/2038

40,000

45,479

5.30%,

4/1/2050(b)

50,000

52,189

284,186

Automobile

Components

0

.1

%

Aptiv

plc

,

5.40%,

3/15/2049

50,000

46,112

BorgWarner,

Inc.

,

2.65%,

7/1/2027

25,000

23,326

Lear

Corp.

,

3.80%,

9/15/2027

123,000

118,761

188,199

Automobiles

0

.1

%

Ford

Motor

Co.

,

3.25%,

2/12/2032

50,000

41,391

4.75%,

1/15/2043

25,000

20,605

5.29%,

12/8/2046

25,000

22,129

General

Motors

Co.

,

6.25%,

10/2/2043

150,000

153,180

Honda

Motor

Co.

Ltd.

,

2.97%,

3/10/2032

20,000

17,993

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

50,000

62,083

317,381

Banks

4

.8

%

Banco

Santander

SA

,

4.25%,

4/11/2027

200,000

194,148

2

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

6.61%,

11/7/2028(b)

200,000

212,434

Bank

of

America

Corp.

,

4.25%,

10/22/2026

145,000

143,062

(SOFR

+

1.05%),

2.55%,

2/4/2028(c)

200,000

186,246

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(c)

191,000

180,428

(CME

Term

SOFR

3

Month

+

1.33%),

3.97%,

3/5/2029(c)

50,000

48,078

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(c)

100,000

95,413

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

100,000

86,595

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

200,000

169,784

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

95,000

81,045

(SOFR

+

1.83%),

4.57%,

4/27/2033(c)

40,000

38,275

(SOFR

+

2.16%),

5.02%,

7/22/2033(c)

45,000

44,602

(SOFR

+

1.91%),

5.29%,

4/25/2034(c)

100,000

100,614

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(c)

95,000

86,619

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

170,000

122,696

5.88%,

2/7/2042

25,000

27,372

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(c)

100,000

89,697

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(c)

70,000

58,432

(SOFR

+

1.56%),

2.97%,

7/21/2052(c)

30,000

20,651

Bank

of

America

NA

,

5.65%,

8/18/2025

250,000

253,025

Bank

of

Montreal

,

5.20%,

2/1/2028

50,000

50,804

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.40%),

3.09%,

1/10/2037(c)

25,000

20,285

Bank

of

Nova

Scotia

(The)

,

2.70%,

8/3/2026

250,000

237,569

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(c)

200,000

213,763

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

250,000

245,894

(SOFR

+

2.22%),

6.49%,

9/13/2029(c)

200,000

208,752

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Canadian

Imperial

Bank

of

Commerce

,

3.60%,

4/7/2032

30,000

27,249

Citibank

NA

,

5.86%,

9/29/2025

250,000

254,579

Citigroup,

Inc.

,

3.70%,

1/12/2026

250,000

244,434

3.40%,

5/1/2026

200,000

193,674

(SOFR

+

1.28%),

3.07%,

2/24/2028(c)

10,000

9,454

(CME

Term

SOFR

3

Month

+

1.41%),

3.52%,

10/27/2028(c)

100,000

94,865

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(c)

100,000

95,303

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

80,000

66,991

6.63%,

6/15/2032

142,000

154,865

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

35,000

36,304

8.13%,

7/15/2039

40,000

51,867

(CME

Term

SOFR

3

Month

+

2.10%),

4.28%,

4/24/2048(c)

90,000

78,492

4.65%,

7/23/2048

100,000

92,426

Citizens

Financial

Group,

Inc.

,

2.85%,

7/27/2026

90,000

84,490

Comerica,

Inc.

,

4.00%,

2/1/2029

15,000

13,770

Cooperatieve

Rabobank

UA

,

3.75%,

7/21/2026

250,000

240,678

Fifth

Third

Bancorp

,

3.95%,

3/14/2028

70,000

67,452

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)(c)

20,000

18,494

HSBC

Holdings

plc

,

(CME

Term

SOFR

3

Month

+

1.61%),

4.29%,

9/12/2026(c)

200,000

196,528

(SOFR

+

3.35%),

7.39%,

11/3/2028(c)

200,000

214,753

(SOFR

+

1.97%),

6.16%,

3/9/2029(c)

200,000

206,740

(CME

Term

SOFR

3

Month

+

1.80%),

4.58%,

6/19/2029(c)

200,000

194,358

4.95%,

3/31/2030

200,000

199,785

6.50%,

9/15/2037

100,000

104,768

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(c)

25,000

25,839

ING

Groep

NV

,

(SOFR

+

1.83%),

4.02%,

3/28/2028(c)

200,000

194,119

JPMorgan

Chase

&

Co.

,

3.30%,

4/1/2026

150,000

145,523

(SOFR

+

1.32%),

4.08%,

4/26/2026(c)

100,000

98,529

(SOFR

+

0.80%),

1.05%,

11/19/2026(c)

150,000

139,469

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(SOFR

+

1.56%),

4.32%,

4/26/2028(c)

60,000

59,032

(SOFR

+

1.99%),

4.85%,

7/25/2028(c)

150,000

149,798

(SOFR

+

1.57%),

6.09%,

10/23/2029(c)

150,000

157,524

(CME

Term

SOFR

3

Month

+

1.59%),

4.45%,

12/5/2029(c)

25,000

24,543

(CME

Term

SOFR

3

Month

+

1.42%),

3.70%,

5/6/2030(c)

80,000

75,564

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(c)

100,000

89,021

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

125,000

108,689

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(c)

100,000

84,724

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

35,000

30,118

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

50,000

49,357

(SOFR

+

2.58%),

5.72%,

9/14/2033(c)

50,000

51,528

(SOFR

+

1.85%),

5.35%,

6/1/2034(c)

100,000

101,669

6.40%,

5/15/2038

120,000

137,792

(SOFR

+

1.46%),

3.16%,

4/22/2042(c)

50,000

38,793

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(c)

145,000

120,530

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

60,000

42,806

KeyBank

NA

,

5.85%,

11/15/2027

250,000

250,622

Korea

Development

Bank

(The)

,

4.38%,

2/15/2028

200,000

199,236

Kreditanstalt

fuer

Wiederaufbau

,

0.63%,

1/22/2026

100,000

93,112

3.63%,

4/1/2026

200,000

197,428

3.75%,

2/15/2028

100,000

98,960

2.88%,

4/3/2028

200,000

191,142

1.75%,

9/14/2029

100,000

88,841

Landwirtschaftliche

Rentenbank

,

5.00%,

10/24/2033

160,000

170,853

Lloyds

Banking

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

200,000

188,185

Manufacturers

&

Traders

Trust

Co.

,

4.65%,

1/27/2026

250,000

246,675

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.75%),

1.54%,

7/20/2027(c)

200,000

183,952

3.75%,

7/18/2039

200,000

175,679

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

5.78%,

7/6/2029(c)

200,000

205,358

National

Australia

Bank

Ltd.

,

3.38%,

1/14/2026

250,000

243,980

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

6/14/2027(c)

200,000

183,752

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/20/2026

70,000

69,663

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.84%),

5.58%,

6/12/2029(c)

70,000

71,455

2.55%,

1/22/2030

100,000

87,646

(SOFR

+

1.93%),

5.07%,

1/24/2034(c)

40,000

39,376

(SOFR

+

2.28%),

6.88%,

10/20/2034(c)

35,000

38,898

Royal

Bank

of

Canada

,

2.05%,

1/21/2027

100,000

93,233

5.00%,

2/1/2033

70,000

70,012

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027

100,000

97,199

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.75%),

6.83%,

11/21/2026(c)

200,000

204,283

Sumitomo

Mitsui

Financial

Group,

Inc.

,

5.46%,

1/13/2026

200,000

202,072

3.20%,

9/17/2029(b)

250,000

227,469

Toronto-Dominion

Bank

(The)

,

4.11%,

6/8/2027

150,000

147,191

4.46%,

6/8/2032

60,000

57,778

Truist

Financial

Corp.

,

(SOFR

+

1.46%),

4.26%,

7/28/2026(c)

10,000

9,854

(SOFR

+

0.61%),

1.27%,

3/2/2027(c)

50,000

46,073

1.95%,

6/5/2030

50,000

41,735

(SOFR

+

2.24%),

4.92%,

7/28/2033(c)

10,000

9,405

(SOFR

+

2.30%),

6.12%,

10/28/2033(c)

40,000

41,540

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

40,000

38,940

US

Bancorp

,

Series

X,

3.15%,

4/27/2027

250,000

237,391

4

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp,

(SOFR

+

2.11%),

4.97%,

7/22/2033(c)

25,000

23,741

(SOFR

+

2.26%),

5.84%,

6/12/2034(c)

60,000

61,920

(SOFR

+

1.86%),

5.68%,

1/23/2035(c)

25,000

25,580

Wells

Fargo

&

Co.

,

(SOFR

+

1.56%),

4.54%,

8/15/2026(c)

40,000

39,597

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(c)

100,000

89,059

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(c)

250,000

217,526

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

50,000

43,887

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

90,000

87,954

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

130,000

132,723

5.61%,

1/15/2044

240,000

241,305

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(c)

60,000

57,313

Westpac

Banking

Corp.

,

5.46%,

11/18/2027

130,000

133,936

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/2035(c)

30,000

24,910

3.13%,

11/18/2041

65,000

46,129

13,858,137

Beverages

0

.5

%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

170,000

165,220

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.75%,

1/23/2029

150,000

151,468

5.45%,

1/23/2039

80,000

84,086

5.55%,

1/23/2049

100,000

105,829

5.80%,

1/23/2059

20,000

21,963

Brown-Forman

Corp.

,

4.75%,

4/15/2033

20,000

20,236

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027

100,000

95,937

2.60%,

6/1/2050

100,000

67,287

Constellation

Brands,

Inc.

,

4.40%,

11/15/2025

40,000

39,595

5.25%,

11/15/2048

50,000

49,031

Diageo

Capital

plc

,

2.38%,

10/24/2029

200,000

178,329

Keurig

Dr

Pepper,

Inc.

,

4.42%,

12/15/2046

20,000

17,366

4.50%,

4/15/2052

30,000

26,395

Molson

Coors

Beverage

Co.

,

4.20%,

7/15/2046

50,000

42,409

PepsiCo,

Inc.

,

2.25%,

3/19/2025

100,000

97,233

4.45%,

5/15/2028

100,000

101,514

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

PepsiCo,

Inc.,

3.45%,

10/6/2046

75,000

60,451

2.75%,

10/21/2051

50,000

34,159

1,358,508

Biotechnology

0

.5

%

AbbVie,

Inc.

,

3.20%,

5/14/2026

140,000

135,865

3.20%,

11/21/2029

60,000

55,926

4.30%,

5/14/2036

100,000

95,398

4.70%,

5/14/2045

50,000

47,398

4.25%,

11/21/2049

175,000

153,700

Amgen,

Inc.

,

5.15%,

3/2/2028

70,000

71,267

5.25%,

3/2/2033

80,000

81,613

2.80%,

8/15/2041

80,000

57,926

5.60%,

3/2/2043

60,000

61,734

4.66%,

6/15/2051

170,000

152,258

5.75%,

3/2/2063

60,000

61,827

Biogen,

Inc.

,

4.05%,

9/15/2025

95,000

93,555

3.15%,

5/1/2050

30,000

20,557

Gilead

Sciences,

Inc.

,

3.65%,

3/1/2026

80,000

78,221

4.75%,

3/1/2046

150,000

141,746

1,308,991

Broadline

Retail

0

.2

%

Alibaba

Group

Holding

Ltd.

,

2.13%,

2/9/2031

200,000

167,779

Amazon.com,

Inc.

,

1.65%,

5/12/2028

200,000

180,211

3.60%,

4/13/2032(b)

25,000

23,591

4.70%,

12/1/2032

25,000

25,452

2.50%,

6/3/2050

50,000

32,425

3.95%,

4/13/2052

25,000

21,398

4.25%,

8/22/2057

150,000

133,856

eBay,

Inc.

,

4.00%,

7/15/2042

50,000

41,103

625,815

Building

Products

0

.1

%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

23,000

21,575

2.72%,

2/15/2030

100,000

89,313

5.90%,

3/15/2034(d)

50,000

53,430

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029

50,000

46,111

Johnson

Controls

International

plc

,

4.90%,

12/1/2032(b)

100,000

100,542

Masco

Corp.

,

3.13%,

2/15/2051

30,000

20,538

Owens

Corning

,

4.30%,

7/15/2047

10,000

8,609

Trane

Technologies

Global

Holding

Co.

Ltd.

,

5.75%,

6/15/2043

20,000

21,272

361,390

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

1

.6

%

Ares

Capital

Corp.

,

3.88%,

1/15/2026

60,000

57,687

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027

100,000

93,300

Series

J,

1.90%,

1/25/2029

100,000

88,521

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(c)

20,000

21,162

(SOFR

+

1.85%),

6.47%,

10/25/2034(c)

40,000

44,196

Blackstone

Private

Credit

Fund

,

4.00%,

1/15/2029

50,000

45,974

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

100,000

80,893

Brookfield

Finance,

Inc.

,

4.85%,

3/29/2029

60,000

59,804

3.50%,

3/30/2051

20,000

14,613

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

100,000

92,126

(SOFR

+

2.21%),

5.64%,

5/19/2029(c)

50,000

51,158

1.95%,

12/1/2031

50,000

40,169

(SOFR

+

2.01%),

6.14%,

8/24/2034(c)

35,000

36,990

CME

Group,

Inc.

,

5.30%,

9/15/2043

50,000

51,892

Deutsche

Bank

AG

,

(SOFR

+

1.32%),

2.55%,

1/7/2028(c)

200,000

183,798

(SOFR

+

2.51%),

6.82%,

11/20/2029(c)

150,000

157,626

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

4/1/2025

300,000

294,326

(SOFR

+

0.91%),

1.95%,

10/21/2027(c)

200,000

183,936

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

25,000

23,292

(SOFR

+

1.77%),

6.48%,

10/24/2029(c)

100,000

106,176

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(c)

250,000

227,621

6.25%,

2/1/2041

200,000

222,739

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029

20,000

19,722

4.60%,

3/15/2033

20,000

19,585

4.95%,

6/15/2052

20,000

19,098

3.00%,

9/15/2060

50,000

32,312

5.20%,

6/15/2062

20,000

20,028

Jefferies

Financial

Group,

Inc.

,

4.15%,

1/23/2030

50,000

47,264

Moody's

Corp.

,

3.75%,

2/25/2052

40,000

32,125

Morgan

Stanley

,

4.35%,

9/8/2026

250,000

246,254

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.00%),

2.48%,

1/21/2028(c)

130,000

121,175

(SOFR

+

2.24%),

6.30%,

10/18/2028(c)

80,000

83,654

(SOFR

+

1.59%),

5.16%,

4/20/2029(c)

110,000

110,720

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(c)

50,000

48,730

(SOFR

+

1.14%),

2.70%,

1/22/2031(c)

40,000

35,146

7.25%,

4/1/2032

100,000

116,574

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

50,000

42,670

(SOFR

+

2.56%),

6.34%,

10/18/2033(c)

80,000

86,321

(SOFR

+

1.87%),

5.25%,

4/21/2034(c)

100,000

100,055

(SOFR

+

1.88%),

5.42%,

7/21/2034(c)

100,000

101,295

4.38%,

1/22/2047

150,000

133,917

Nasdaq,

Inc.

,

5.55%,

2/15/2034

90,000

93,324

6.10%,

6/28/2063

10,000

10,784

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027(b)

200,000

184,230

Northern

Trust

Corp.

,

3.65%,

8/3/2028

50,000

48,514

1.95%,

5/1/2030

50,000

43,166

Raymond

James

Financial,

Inc.

,

4.65%,

4/1/2030

100,000

100,517

S&P

Global,

Inc.

,

2.70%,

3/1/2029

10,000

9,202

2.90%,

3/1/2032

50,000

44,044

3.90%,

3/1/2062

25,000

20,292

State

Street

Corp.

,

(SOFR

+

1.35%),

5.75%,

11/4/2026(c)

50,000

50,750

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)(c)

40,000

39,299

UBS

AG

,

5.65%,

9/11/2028

200,000

206,725

4,445,491

Chemicals

0

.3

%

Cabot

Corp.

,

4.00%,

7/1/2029

30,000

28,406

Celanese

US

Holdings

LLC

,

6.38%,

7/15/2032

50,000

52,242

CF

Industries,

Inc.

,

5.15%,

3/15/2034

60,000

59,175

Dow

Chemical

Co.

(The)

,

4.25%,

10/1/2034

86,000

81,581

6.90%,

5/15/2053

25,000

29,651

DuPont

de

Nemours,

Inc.

,

5.32%,

11/15/2038

30,000

30,231

5.42%,

11/15/2048

25,000

25,036

Eastman

Chemical

Co.

,

4.65%,

10/15/2044

50,000

43,634

6

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Ecolab,

Inc.

,

2.13%,

2/1/2032

100,000

83,756

FMC

Corp.

,

6.38%,

5/18/2053

15,000

15,305

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

20,000

17,089

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

13,000

15,066

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055

60,000

50,691

Mosaic

Co.

(The)

,

5.45%,

11/15/2033

50,000

50,464

Nutrien

Ltd.

,

5.88%,

12/1/2036

50,000

52,711

5.00%,

4/1/2049

20,000

18,763

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

100,000

91,259

Sherwin-Williams

Co.

(The)

,

4.50%,

6/1/2047

50,000

44,944

Westlake

Corp.

,

4.38%,

11/15/2047

40,000

33,419

823,423

Commercial

Services

&

Supplies

0

.1

%

Republic

Services,

Inc.

,

1.45%,

2/15/2031

55,000

44,315

3.05%,

3/1/2050

50,000

35,773

Waste

Connections,

Inc.

,

4.20%,

1/15/2033

60,000

57,582

Waste

Management,

Inc.

,

4.15%,

7/15/2049

50,000

44,083

181,753

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

2.50%,

9/20/2026

150,000

143,263

5.90%,

2/15/2039

40,000

44,169

Juniper

Networks,

Inc.

,

3.75%,

8/15/2029

50,000

47,234

Motorola

Solutions,

Inc.

,

2.30%,

11/15/2030

35,000

29,510

264,176

Construction

&

Engineering

0

.0

%

†

Quanta

Services,

Inc.

,

2.90%,

10/1/2030

50,000

43,857

Construction

Materials

0

.0

%

†

Martin

Marietta

Materials,

Inc.

,

4.25%,

12/15/2047

50,000

43,430

Vulcan

Materials

Co.

,

3.90%,

4/1/2027

100,000

97,351

140,781

Consumer

Finance

0

.9

%

AerCap

Ireland

Capital

DAC

,

3.65%,

7/21/2027

150,000

142,732

3.00%,

10/29/2028

200,000

181,461

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

30,000

33,194

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Express

Co.

,

(SOFR

+

1.00%),

4.99%,

5/1/2026(c)

100,000

99,907

3.13%,

5/20/2026

100,000

96,579

(SOFR

+

1.84%),

5.04%,

5/1/2034(c)

100,000

100,049

American

Honda

Finance

Corp.

,

2.25%,

1/12/2029

50,000

44,984

Capital

One

Financial

Corp.

,

3.75%,

3/9/2027

50,000

48,007

(SOFR

+

2.06%),

4.93%,

5/10/2028(c)

45,000

44,364

(SOFR

+

2.64%),

6.31%,

6/8/2029(c)

50,000

51,545

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

45,000

46,756

Caterpillar

Financial

Services

Corp.

,

5.15%,

8/11/2025(b)

70,000

70,516

4.35%,

5/15/2026

50,000

49,847

Discover

Financial

Services

,

4.50%,

1/30/2026(b)

100,000

98,765

Ford

Motor

Credit

Co.

LLC

,

3.38%,

11/13/2025

200,000

191,947

7.35%,

11/4/2027

200,000

210,376

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

120,000

121,747

1.25%,

1/8/2026

200,000

186,106

2.35%,

2/26/2027

50,000

46,279

5.85%,

4/6/2030

75,000

77,016

John

Deere

Capital

Corp.

,

0.70%,

1/15/2026

100,000

93,040

5.15%,

9/8/2026

80,000

81,406

PACCAR

Financial

Corp.

,

1.80%,

2/6/2025

100,000

96,901

Synchrony

Financial

,

4.50%,

7/23/2025

80,000

78,398

Toyota

Motor

Credit

Corp.

,

3.95%,

6/30/2025

45,000

44,520

3.65%,

8/18/2025

70,000

68,936

5.00%,

8/14/2026

100,000

101,031

3.65%,

1/8/2029

100,000

96,100

4.45%,

6/29/2029

50,000

50,028

2,652,537

Consumer

Staples

Distribution

&

Retail

0

.3

%

Dollar

General

Corp.

,

4.13%,

4/3/2050

50,000

39,240

Dollar

Tree,

Inc.

,

2.65%,

12/1/2031

25,000

21,281

3.38%,

12/1/2051

25,000

17,072

Kroger

Co.

(The)

,

7.50%,

4/1/2031

90,000

103,010

4.65%,

1/15/2048

25,000

22,353

Sysco

Corp.

,

6.60%,

4/1/2050

50,000

58,220

Target

Corp.

,

2.50%,

4/15/2026(b)

250,000

240,636

3.90%,

11/15/2047

50,000

42,551

4.80%,

1/15/2053

30,000

29,038

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Walmart,

Inc.

,

1.80%,

9/22/2031

100,000

83,910

2.65%,

9/22/2051

100,000

68,039

4.50%,

9/9/2052

20,000

19,053

744,403

Containers

&

Packaging

0

.1

%

International

Paper

Co.

,

4.40%,

8/15/2047

25,000

21,289

Sonoco

Products

Co.

,

1.80%,

2/1/2025

50,000

48,291

2.25%,

2/1/2027

45,000

41,751

2.85%,

2/1/2032

50,000

42,888

WRKCo,

Inc.

,

4.20%,

6/1/2032

40,000

38,235

192,454

Diversified

Consumer

Services

0

.1

%

California

Institute

of

Technology

,

3.65%,

9/1/2119

105,000

76,178

Massachusetts

Institute

of

Technology

,

Series

G,

2.29%,

7/1/2051

100,000

63,640

Northwestern

University

,

Series

2017,

3.66%,

12/1/2057

12,000

9,784

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

50,000

38,921

University

of

Notre

Dame

du

Lac

,

Series

2017,

3.39%,

2/15/2048

30,000

24,110

Yale

University

,

Series

2020,

2.40%,

4/15/2050

26,000

17,090

229,723

Diversified

REITs

0

.2

%

Digital

Realty

Trust

LP

,

4.45%,

7/15/2028

100,000

98,052

GLP

Capital

LP

,

5.38%,

4/15/2026

200,000

199,321

Simon

Property

Group

LP

,

2.65%,

2/1/2032

100,000

85,009

4.75%,

3/15/2042

60,000

54,769

STORE

Capital

Corp.

,

2.70%,

12/1/2031

50,000

39,182

VICI

Properties

LP

,

4.75%,

2/15/2028(b)

10,000

9,792

5.13%,

5/15/2032

10,000

9,556

5.63%,

5/15/2052

20,000

18,847

WP

Carey,

Inc.

,

3.85%,

7/15/2029

50,000

47,036

561,564

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

,

1.70%,

3/25/2026

100,000

93,701

1.65%,

2/1/2028

100,000

89,159

4.30%,

2/15/2030

50,000

48,624

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

AT&T,

Inc.,

2.25%,

2/1/2032

100,000

82,229

2.55%,

12/1/2033

207,000

167,934

3.50%,

6/1/2041(b)

100,000

79,448

3.55%,

9/15/2055

25,000

17,812

3.65%,

9/15/2059

398,000

280,906

Bell

Canada

(The)

,

4.30%,

7/29/2049

50,000

42,791

British

Telecommunications

plc

,

9.62%,

12/15/2030(e)

35,000

43,265

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

50,000

59,557

Orange

SA

,

5.50%,

2/6/2044

50,000

51,423

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

100,000

108,043

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

100,000

112,913

Verizon

Communications,

Inc.

,

1.45%,

3/20/2026

120,000

111,920

4.33%,

9/21/2028

100,000

98,586

1.75%,

1/20/2031

100,000

81,718

2.55%,

3/21/2031

209,000

179,658

4.50%,

8/10/2033

80,000

77,298

3.85%,

11/1/2042

175,000

145,928

2.99%,

10/30/2056

210,000

137,267

2,110,180

Electric

Utilities

1

.5

%

AEP

Transmission

Co.

LLC

,

3.75%,

12/1/2047

10,000

7,967

American

Electric

Power

Co.,

Inc.

,

5.63%,

3/1/2033

40,000

41,267

Appalachian

Power

Co.

,

Series

Y,

4.50%,

3/1/2049

90,000

75,436

Arizona

Public

Service

Co.

,

2.20%,

12/15/2031

100,000

81,628

CenterPoint

Energy

Houston

Electric

LLC

,

3.95%,

3/1/2048

100,000

83,590

Commonwealth

Edison

Co.

,

5.30%,

2/1/2053

90,000

90,706

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

10,000

8,845

3.70%,

3/15/2045(b)

80,000

64,554

Series

B,

3.65%,

3/1/2052

10,000

7,763

Duke

Energy

Corp.

,

5.75%,

9/15/2033

100,000

104,496

3.30%,

6/15/2041

80,000

61,175

4.20%,

6/15/2049

150,000

121,684

5.00%,

8/15/2052

50,000

46,233

Duke

Energy

Ohio,

Inc.

,

3.70%,

6/15/2046

100,000

77,218

Duke

Energy

Progress

LLC

,

5.25%,

3/15/2033

50,000

51,224

Emera

US

Finance

LP

,

3.55%,

6/15/2026

150,000

144,256

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

100,000

97,560

8

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Entergy

Arkansas

LLC,

5.30%,

9/15/2033

50,000

51,324

4.20%,

4/1/2049

50,000

42,499

Entergy

Louisiana

LLC

,

4.00%,

3/15/2033

50,000

46,577

Entergy

Texas,

Inc.

,

5.00%,

9/15/2052

25,000

23,295

Evergy

Metro,

Inc.

,

Series

2019,

4.13%,

4/1/2049

50,000

40,594

Eversource

Energy

,

3.45%,

1/15/2050

100,000

70,489

Exelon

Corp.

,

4.05%,

4/15/2030

200,000

190,759

5.63%,

6/15/2035

100,000

101,771

Florida

Power

&

Light

Co.

,

5.25%,

2/1/2041

45,000

45,478

4.13%,

6/1/2048

90,000

77,307

Fortis,

Inc.

,

3.06%,

10/4/2026

100,000

95,149

Georgia

Power

Co.

,

4.65%,

5/16/2028

100,000

100,180

4.95%,

5/17/2033

100,000

100,033

4.30%,

3/15/2042

50,000

44,265

Iberdrola

International

BV

,

5.81%,

3/15/2025

82,000

82,519

Kentucky

Utilities

Co.

,

5.13%,

11/1/2040

50,000

48,670

NextEra

Energy

Capital

Holdings,

Inc.

,

4.45%,

6/20/2025

25,000

24,783

1.88%,

1/15/2027

45,000

41,523

4.63%,

7/15/2027

25,000

24,922

2.75%,

11/1/2029(b)

100,000

89,527

2.44%,

1/15/2032

25,000

20,730

5.05%,

2/28/2033(b)

40,000

39,893

Northern

States

Power

Co.

,

4.13%,

5/15/2044

50,000

42,733

Ohio

Power

Co.

,

5.00%,

6/1/2033(b)

100,000

100,224

4.15%,

4/1/2048

50,000

40,876

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

30,000

31,116

Oncor

Electric

Delivery

Co.

LLC

,

5.30%,

6/1/2042

50,000

52,918

4.60%,

6/1/2052

25,000

22,827

Pacific

Gas

and

Electric

Co.

,

2.50%,

2/1/2031

250,000

207,498

4.50%,

7/1/2040

100,000

86,105

4.95%,

7/1/2050

50,000

43,574

PacifiCorp

,

6.00%,

1/15/2039

25,000

26,207

5.50%,

5/15/2054

25,000

24,150

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

100,000

86,117

Southern

California

Edison

Co.

,

5.30%,

3/1/2028

50,000

51,310

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southern

California

Edison

Co.,

Series

08-A,

5.95%,

2/1/2038

30,000

31,528

4.00%,

4/1/2047(b)

100,000

81,259

Series

B,

4.88%,

3/1/2049

50,000

45,788

Southern

Co.

(The)

,

3.25%,

7/1/2026

210,000

202,654

4.40%,

7/1/2046(b)

80,000

70,250

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

29,534

Union

Electric

Co.

,

2.63%,

3/15/2051

100,000

62,989

Virginia

Electric

and

Power

Co.

,

Series

A,

3.50%,

3/15/2027(b)

40,000

38,668

2.30%,

11/15/2031

50,000

41,855

5.30%,

8/15/2033

100,000

102,217

Series

A,

6.00%,

5/15/2037

35,000

37,486

4.45%,

2/15/2044

10,000

8,857

Series

C,

4.63%,

5/15/2052

50,000

44,685

Wisconsin

Power

and

Light

Co.

,

3.00%,

7/1/2029

100,000

92,842

Xcel

Energy,

Inc.

,

6.50%,

7/1/2036

123,000

137,460

4,411,616

Electrical

Equipment

0

.1

%

Eaton

Corp.

,

4.00%,

11/2/2032

100,000

96,096

Regal

Rexnord

Corp.

,

6.30%,

2/15/2030(d)

50,000

51,395

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

5,000

3,132

150,623

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Amphenol

Corp.

,

2.80%,

2/15/2030

100,000

90,525

CDW

LLC

,

3.57%,

12/1/2031

30,000

26,319

Corning,

Inc.

,

5.35%,

11/15/2048

70,000

69,657

Flex

Ltd.

,

3.75%,

2/1/2026

200,000

194,713

381,214

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026

35,000

32,600

4.08%,

12/15/2047

50,000

41,608

Halliburton

Co.

,

5.00%,

11/15/2045(b)

90,000

86,817

NOV,

Inc.

,

3.95%,

12/1/2042

50,000

38,653

199,678

Entertainment

0

.3

%

Netflix,

Inc.

,

4.88%,

4/15/2028

100,000

100,695

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Take-Two

Interactive

Software,

Inc.

,

4.00%,

4/14/2032

10,000

9,417

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

100,000

97,521

3.00%,

7/30/2046

60,000

43,119

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

100,000

88,073

2.65%,

1/13/2031(b)

50,000

44,332

3.50%,

5/13/2040

60,000

49,797

2.75%,

9/1/2049

100,000

66,745

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

50,000

48,032

4.05%,

3/15/2029

50,000

47,341

4.28%,

3/15/2032

25,000

22,890

5.05%,

3/15/2042(b)

30,000

26,592

5.14%,

3/15/2052

170,000

146,127

790,681

Financial

Services

0

.4

%

Corebridge

Financial,

Inc.

,

3.85%,

4/5/2029

100,000

94,442

3.90%,

4/5/2032

25,000

22,520

4.35%,

4/5/2042

50,000

42,796

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

92,000

98,266

Fidelity

National

Information

Services,

Inc.

,

2.25%,

3/1/2031

50,000

42,167

3.10%,

3/1/2041

30,000

22,260

Fiserv,

Inc.

,

3.50%,

7/1/2029

50,000

46,899

2.65%,

6/1/2030

80,000

70,354

4.40%,

7/1/2049

25,000

21,772

Global

Payments,

Inc.

,

4.15%,

8/15/2049

50,000

39,549

Mastercard,

Inc.

,

2.00%,

11/18/2031

50,000

42,093

3.95%,

2/26/2048

50,000

43,765

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.40%,

2/7/2028

50,000

48,066

5.80%,

1/15/2033

50,000

52,774

PayPal

Holdings,

Inc.

,

4.40%,

6/1/2032

100,000

98,563

5.25%,

6/1/2062

25,000

24,527

Shell

International

Finance

BV

,

6.38%,

12/15/2038

150,000

172,505

4.38%,

5/11/2045

50,000

45,564

Visa,

Inc.

,

4.30%,

12/14/2045

100,000

91,996

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

100,000

96,772

1,217,650

Food

Products

0

.4

%

Archer-Daniels-Midland

Co.

,

2.50%,

8/11/2026

100,000

94,154

2.90%,

3/1/2032

25,000

21,811

Campbell

Soup

Co.

,

4.15%,

3/15/2028(b)

50,000

48,929

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Campbell

Soup

Co.,

4.80%,

3/15/2048

10,000

9,010

Conagra

Brands,

Inc.

,

4.85%,

11/1/2028

75,000

74,735

5.40%,

11/1/2048(b)

50,000

47,685

General

Mills,

Inc.

,

2.88%,

4/15/2030

100,000

90,062

Hershey

Co.

(The)

,

3.13%,

11/15/2049

50,000

37,225

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

40,000

36,994

6.50%,

11/15/2053

25,000

28,247

JBS

USA

LUX

SA

,

3.00%,

5/15/2032

30,000

24,378

5.75%,

4/1/2033

50,000

49,503

6.75%,

3/15/2034(d)

30,000

31,576

6.50%,

12/1/2052

15,000

14,975

Kellanova

,

3.25%,

4/1/2026

40,000

38,791

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

120,000

111,494

Mead

Johnson

Nutrition

Co.

,

4.13%,

11/15/2025

110,000

108,460

Mondelez

International,

Inc.

,

2.63%,

9/4/2050

50,000

32,722

Pilgrim's

Pride

Corp.

,

6.25%,

7/1/2033

30,000

30,625

Tyson

Foods,

Inc.

,

5.10%,

9/28/2048

50,000

45,136

Unilever

Capital

Corp.

,

2.13%,

9/6/2029

100,000

88,574

5.90%,

11/15/2032

50,000

54,525

1,119,611

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

4.13%,

10/15/2044

50,000

44,079

ONE

Gas,

Inc.

,

2.00%,

5/15/2030

100,000

85,210

Piedmont

Natural

Gas

Co.,

Inc.

,

3.50%,

6/1/2029

50,000

46,768

Southern

California

Gas

Co.

,

6.35%,

11/15/2052

40,000

45,182

Southwest

Gas

Corp.

,

3.18%,

8/15/2051

25,000

16,185

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

10,000

7,464

244,888

Ground

Transportation

0

.4

%

Burlington

Northern

Santa

Fe

LLC

,

5.05%,

3/1/2041

100,000

99,996

4.90%,

4/1/2044

70,000

68,354

2.88%,

6/15/2052

25,000

17,098

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

118,000

129,411

6.20%,

6/1/2036

30,000

33,455

Canadian

Pacific

Railway

Co.

,

2.45%,

12/2/2031

50,000

46,091

10

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

Canadian

Pacific

Railway

Co.,

3.10%,

12/2/2051

35,000

24,726

4.20%,

11/15/2069

25,000

20,321

6.13%,

9/15/2115

10,000

10,997

CSX

Corp.

,

5.50%,

4/15/2041

50,000

51,937

3.95%,

5/1/2050

100,000

82,483

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029(b)

50,000

44,847

2.30%,

5/15/2031

100,000

85,196

4.45%,

6/15/2045

50,000

44,694

5.35%,

8/1/2054

30,000

30,592

Ryder

System,

Inc.

,

2.90%,

12/1/2026

90,000

85,089

Union

Pacific

Corp.

,

3.60%,

9/15/2037

100,000

88,376

3.25%,

2/5/2050

80,000

60,261

3.84%,

3/20/2060

90,000

71,815

5.15%,

1/20/2063

25,000

24,998

1,120,737

Health

Care

Equipment

&

Supplies

0

.2

%

Abbott

Laboratories

,

3.88%,

9/15/2025

45,000

44,607

4.90%,

11/30/2046

100,000

100,027

Baxter

International,

Inc.

,

2.60%,

8/15/2026

100,000

94,647

1.92%,

2/1/2027

70,000

64,188

2.27%,

12/1/2028

50,000

44,571

Becton

Dickinson

&

Co.

,

4.69%,

12/15/2044

44,000

41,132

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

34,000

32,070

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

45,000

40,583

GE

HealthCare

Technologies,

Inc.

,

5.91%,

11/22/2032

100,000

105,688

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

20,000

18,422

Medtronic,

Inc.

,

4.63%,

3/15/2045

50,000

47,908

Stryker

Corp.

,

2.90%,

6/15/2050

50,000

35,563

669,406

Health

Care

Providers

&

Services

1

.1

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

21,000

18,789

Aetna,

Inc.

,

3.88%,

8/15/2047

50,000

38,872

Ascension

Health

,

Series

B,

3.11%,

11/15/2039(b)

40,000

31,611

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

20,000

13,640

Cardinal

Health,

Inc.

,

4.37%,

6/15/2047

50,000

42,437

Cencora,

Inc.

,

4.25%,

3/1/2045

50,000

44,705

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Centene

Corp.

,

3.00%,

10/15/2030

80,000

69,205

2.50%,

3/1/2031

40,000

33,250

Children's

Health

System

of

Texas

,

2.51%,

8/15/2050

10,000

6,265

Cigna

Group

(The)

,

4.13%,

11/15/2025

200,000

197,032

4.80%,

8/15/2038

50,000

48,201

3.40%,

3/15/2050

125,000

90,915

CommonSpirit

Health

,

2.78%,

10/1/2030

62,000

54,426

4.19%,

10/1/2049

25,000

20,720

CVS

Health

Corp.

,

5.00%,

2/20/2026

100,000

100,330

4.30%,

3/25/2028(b)

59,000

57,971

3.75%,

4/1/2030

100,000

93,661

2.13%,

9/15/2031

90,000

74,167

4.78%,

3/25/2038

75,000

70,359

5.05%,

3/25/2048

150,000

137,522

5.88%,

6/1/2053

35,000

36,102

Elevance

Health,

Inc.

,

4.75%,

2/15/2033

60,000

59,400

4.65%,

8/15/2044

150,000

138,384

HCA,

Inc.

,

4.50%,

2/15/2027

250,000

246,554

3.63%,

3/15/2032

100,000

89,141

5.50%,

6/15/2047

20,000

19,291

4.63%,

3/15/2052

70,000

59,378

Humana,

Inc.

,

3.95%,

8/15/2049

50,000

40,012

Kaiser

Foundation

Hospitals

,

4.15%,

5/1/2047

50,000

43,690

Series

2021,

3.00%,

6/1/2051

15,000

10,561

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

50,000

45,365

McKesson

Corp.

,

1.30%,

8/15/2026

100,000

92,024

3.95%,

2/16/2028

100,000

98,294

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

29,000

20,085

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

20,000

16,821

NYU

Langone

Hospitals

,

4.78%,

7/1/2044

30,000

28,319

Piedmont

Healthcare,

Inc.

,

Series

2032,

2.04%,

1/1/2032(b)

100,000

81,800

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

15,000

11,326

Quest

Diagnostics,

Inc.

,

4.20%,

6/30/2029

50,000

49,010

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

12,000

9,797

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Sutter

Health

,

Series

2018,

4.09%,

8/15/2048

36,000

30,563

UnitedHealth

Group,

Inc.

,

3.88%,

12/15/2028

200,000

194,710

5.35%,

2/15/2033

50,000

52,313

4.50%,

4/15/2033

75,000

73,860

2.75%,

5/15/2040

60,000

45,378

3.05%,

5/15/2041

50,000

38,885

4.25%,

4/15/2047

60,000

53,139

3.25%,

5/15/2051

100,000

73,365

5.88%,

2/15/2053

20,000

22,197

3.13%,

5/15/2060

50,000

34,603

5.20%,

4/15/2063

30,000

30,068

3,088,513

Health

Care

REITs

0

.1

%

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

50,000

43,813

Healthpeak

OP

LLC

,

3.40%,

2/1/2025

19,000

18,605

2.88%,

1/15/2031

50,000

43,380

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

100,000

97,271

Ventas

Realty

LP

,

3.00%,

1/15/2030

70,000

62,157

Welltower

OP

LLC

,

3.10%,

1/15/2030

100,000

90,524

355,750

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029

50,000

44,909

Hotels,

Restaurants

&

Leisure

0

.3

%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

50,000

50,137

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

50,000

47,918

3.25%,

2/15/2030

65,000

59,052

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

56,000

56,411

Series

R,

3.13%,

6/15/2026

200,000

192,339

McDonald's

Corp.

,

3.50%,

7/1/2027

100,000

96,913

3.70%,

2/15/2042

40,000

33,452

4.88%,

12/9/2045

50,000

48,421

3.63%,

9/1/2049

50,000

39,165

Starbucks

Corp.

,

3.80%,

8/15/2025

100,000

98,414

3.50%,

11/15/2050

100,000

76,195

798,417

Household

Durables

0

.1

%

MDC

Holdings,

Inc.

,

2.50%,

1/15/2031

50,000

41,985

PulteGroup,

Inc.

,

5.00%,

1/15/2027

100,000

100,616

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

Whirlpool

Corp.

,

3.70%,

5/1/2025

100,000

98,219

240,820

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

5.00%,

6/15/2052

10,000

9,726

Colgate-Palmolive

Co.

,

3.70%,

8/1/2047

50,000

42,681

Kimberly-Clark

Corp.

,

2.88%,

2/7/2050

50,000

35,169

Procter

&

Gamble

Co.

(The)

,

3.00%,

3/25/2030

100,000

93,274

180,850

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Constellation

Energy

Generation

LLC

,

5.60%,

6/15/2042

50,000

49,739

Oglethorpe

Power

Corp.

,

5.05%,

10/1/2048

25,000

22,545

72,284

Industrial

Conglomerates

0

.1

%

3M

Co.

,

3.63%,

10/15/2047

30,000

22,555

4.00%,

9/14/2048

40,000

33,570

General

Electric

Co.

,

6.75%,

3/15/2032(b)

100,000

113,696

Honeywell

International,

Inc.

,

3.81%,

11/21/2047

50,000

41,931

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,212

242,964

Industrial

REITs

0

.0

%

†

Prologis

LP

,

2.88%,

11/15/2029

40,000

36,451

1.25%,

10/15/2030

100,000

80,789

2.13%,

10/15/2050

30,000

17,275

134,515

Insurance

0

.7

%

Allstate

Corp.

(The)

,

5.55%,

5/9/2035

75,000

77,912

4.20%,

12/15/2046

10,000

8,429

American

International

Group,

Inc.

,

5.13%,

3/27/2033

100,000

101,207

4.75%,

4/1/2048

40,000

37,788

Aon

Global

Ltd.

,

4.75%,

5/15/2045

50,000

45,674

Arch

Capital

Finance

LLC

,

4.01%,

12/15/2026

100,000

97,127

Arch

Capital

Group

Ltd.

,

3.64%,

6/30/2050

50,000

38,356

Arthur

J

Gallagher

&

Co.

,

5.75%,

3/2/2053

20,000

20,411

Athene

Holding

Ltd.

,

4.13%,

1/12/2028

100,000

96,328

12

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Berkshire

Hathaway

Finance

Corp.

,

2.88%,

3/15/2032

100,000

89,266

4.40%,

5/15/2042

150,000

143,622

Brighthouse

Financial,

Inc.

,

5.63%,

5/15/2030

50,000

50,533

Chubb

INA

Holdings,

Inc.

,

4.35%,

11/3/2045

100,000

92,551

CNA

Financial

Corp.

,

3.90%,

5/1/2029

50,000

47,835

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

40,000

33,365

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

36,581

Globe

Life,

Inc.

,

2.15%,

8/15/2030

50,000

41,896

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

50,000

53,571

Lincoln

National

Corp.

,

4.35%,

3/1/2048

50,000

39,997

Manulife

Financial

Corp.

,

4.15%,

3/4/2026

100,000

98,384

Markel

Group,

Inc.

,

5.00%,

5/20/2049

50,000

46,057

Marsh

&

McLennan

Cos.,

Inc.

,

5.40%,

9/15/2033

75,000

78,509

4.90%,

3/15/2049

50,000

47,846

MetLife,

Inc.

,

5.70%,

6/15/2035

86,000

91,907

4.13%,

8/13/2042

50,000

44,014

5.00%,

7/15/2052

25,000

24,636

Principal

Financial

Group,

Inc.

,

3.70%,

5/15/2029

50,000

47,174

Progressive

Corp.

(The)

,

3.95%,

3/26/2050

50,000

41,368

Prudential

Financial,

Inc.

,

5.75%,

7/15/2033

10,000

10,779

6.63%,

6/21/2040

100,000

112,026

3.70%,

3/13/2051

30,000

23,623

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

15,000

15,696

4.00%,

5/30/2047

15,000

12,950

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

80,000

90,125

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

49,609

2.95%,

9/15/2029

30,000

26,973

2,014,125

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

2.05%,

8/15/2050

50,000

30,418

Meta

Platforms,

Inc.

,

3.85%,

8/15/2032(b)

100,000

94,558

4.45%,

8/15/2052

35,000

31,503

5.60%,

5/15/2053

35,000

37,352

4.65%,

8/15/2062

25,000

22,919

216,750

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0

.1

%

International

Business

Machines

Corp.

,

3.50%,

5/15/2029

100,000

95,181

1.95%,

5/15/2030

100,000

85,607

4.25%,

5/15/2049

100,000

86,944

267,732

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

,

3.55%,

11/19/2026

20,000

19,081

3.90%,

11/19/2029

50,000

46,419

65,500

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

2.75%,

9/15/2029

100,000

90,958

Danaher

Corp.

,

2.60%,

10/1/2050

75,000

49,093

Revvity,

Inc.

,

3.30%,

9/15/2029

50,000

45,586

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

40,000

35,626

2.60%,

10/1/2029

65,000

59,093

2.80%,

10/15/2041

30,000

22,474

302,830

Machinery

0

.2

%

Caterpillar,

Inc.

,

3.25%,

9/19/2049

75,000

57,081

CNH

Industrial

Capital

LLC

,

3.95%,

5/23/2025

200,000

196,805

Deere

&

Co.

,

3.90%,

6/9/2042

100,000

88,830

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

50,000

49,879

nVent

Finance

Sarl

,

5.65%,

5/15/2033

50,000

51,319

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

50,000

39,706

Parker-Hannifin

Corp.

,

3.25%,

6/14/2029

100,000

93,629

Snap-on,

Inc.

,

3.10%,

5/1/2050

50,000

36,077

Stanley

Black

&

Decker,

Inc.

,

3.00%,

5/15/2032

10,000

8,567

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.00%,

3/15/2060(c)

20,000

17,436

Westinghouse

Air

Brake

Technologies

Corp.

,

4.70%,

9/15/2028(e)

20,000

19,809

659,138

Media

0

.7

%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

70,000

69,379

3.75%,

2/15/2028

250,000

236,052

2.25%,

1/15/2029

25,000

21,589

2.80%,

4/1/2031

200,000

165,256

3.50%,

3/1/2042

50,000

34,370

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

5.75%,

4/1/2048

20,000

17,437

4.80%,

3/1/2050

30,000

22,902

3.70%,

4/1/2051

100,000

63,806

5.25%,

4/1/2053

50,000

41,040

3.85%,

4/1/2061

25,000

15,150

Comcast

Corp.

,

3.95%,

10/15/2025

140,000

138,254

4.15%,

10/15/2028

60,000

59,103

3.40%,

4/1/2030

100,000

93,202

1.50%,

2/15/2031

100,000

81,408

4.80%,

5/15/2033(b)

60,000

60,173

3.75%,

4/1/2040

90,000

77,085

3.97%,

11/1/2047

146,000

120,823

4.70%,

10/15/2048

100,000

94,173

2.89%,

11/1/2051

100,000

66,203

5.35%,

5/15/2053

25,000

25,482

4.95%,

10/15/2058

12,000

11,549

2.99%,

11/1/2063

19,000

12,002

Discovery

Communications

LLC

,

5.20%,

9/20/2047

50,000

43,245

Fox

Corp.

,

5.48%,

1/25/2039

50,000

48,961

Omnicom

Group,

Inc.

,

3.60%,

4/15/2026

250,000

244,014

Paramount

Global

,

5.50%,

5/15/2033

82,000

77,386

4.38%,

3/15/2043

50,000

36,215

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

90,000

89,403

2,065,662

Metals

&

Mining

0

.2

%

ArcelorMittal

SA

,

6.55%,

11/29/2027

25,000

26,205

6.80%,

11/29/2032

25,000

26,888

Barrick

North

America

Finance

LLC

,

5.70%,

5/30/2041

40,000

41,647

BHP

Billiton

Finance

USA

Ltd.

,

5.10%,

9/8/2028

80,000

81,862

5.00%,

9/30/2043

50,000

49,824

Freeport-McMoRan,

Inc.

,

5.45%,

3/15/2043(b)

25,000

24,048

Newmont

Corp.

,

2.60%,

7/15/2032

60,000

50,524

Nucor

Corp.

,

3.85%,

4/1/2052

40,000

32,603

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

80,000

84,053

Southern

Copper

Corp.

,

6.75%,

4/16/2040

50,000

55,974

Teck

Resources

Ltd.

,

5.20%,

3/1/2042

50,000

46,322

Vale

Overseas

Ltd.

,

8.25%,

1/17/2034

80,000

95,096

615,046

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

0

.4

%

Berkshire

Hathaway

Energy

Co.

,

3.50%,

2/1/2025

250,000

245,886

6.13%,

4/1/2036

60,000

65,085

4.45%,

1/15/2049

50,000

43,369

4.25%,

10/15/2050

100,000

83,157

4.60%,

5/1/2053

20,000

17,667

Black

Hills

Corp.

,

3.05%,

10/15/2029

25,000

22,425

CMS

Energy

Corp.

,

3.00%,

5/15/2026

50,000

47,880

Consolidated

Edison

Co.

of

New

York,

Inc.

,

6.15%,

11/15/2052

45,000

50,646

3.70%,

11/15/2059

100,000

73,809

Consumers

Energy

Co.

,

3.75%,

2/15/2050

50,000

40,554

DTE

Energy

Co.

,

4.88%,

6/1/2028

50,000

50,189

NiSource,

Inc.

,

4.38%,

5/15/2047

50,000

42,912

Puget

Sound

Energy,

Inc.

,

3.25%,

9/15/2049

50,000

35,013

San

Diego

Gas

&

Electric

Co.

,

6.00%,

6/1/2039

30,000

32,141

Sempra

,

4.00%,

2/1/2048

50,000

40,384

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

50,000

40,528

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

100,000

81,852

1,013,497

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

40,000

30,766

4.00%,

2/1/2050

50,000

39,083

Boston

Properties

LP

,

2.75%,

10/1/2026

150,000

139,827

Kilroy

Realty

LP

,

3.05%,

2/15/2030(b)

50,000

42,894

252,570

Oil,

Gas

&

Consumable

Fuels

1

.7

%

Apache

Corp.

,

5.10%,

9/1/2040

40,000

34,310

BP

Capital

Markets

America,

Inc.

,

4.23%,

11/6/2028

150,000

148,454

1.75%,

8/10/2030

200,000

168,100

2.72%,

1/12/2032

100,000

86,497

Canadian

Natural

Resources

Ltd.

,

6.25%,

3/15/2038

35,000

36,774

Cenovus

Energy,

Inc.

,

6.75%,

11/15/2039

5,000

5,512

3.75%,

2/15/2052(b)

35,000

25,675

14

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

100,000

100,489

2.74%,

12/31/2039

25,000

19,958

Cheniere

Energy

Partners

LP

,

4.00%,

3/1/2031(b)

50,000

45,362

Chevron

Corp.

,

2.95%,

5/16/2026

250,000

242,080

CNOOC

Petroleum

North

America

ULC

,

6.40%,

5/15/2037

50,000

55,083

ConocoPhillips

Co.

,

3.76%,

3/15/2042

50,000

41,965

5.30%,

5/15/2053

25,000

25,271

4.03%,

3/15/2062

60,000

47,946

Devon

Energy

Corp.

,

5.00%,

6/15/2045

50,000

44,478

Diamondback

Energy,

Inc.

,

4.25%,

3/15/2052

25,000

20,080

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

50,000

58,838

Enbridge,

Inc.

,

5.70%,

3/8/2033

40,000

41,266

Energy

Transfer

LP

,

4.75%,

1/15/2026

100,000

99,375

5.55%,

2/15/2028

50,000

50,880

5.25%,

4/15/2029

100,000

101,047

3.75%,

5/15/2030

150,000

138,696

5.30%,

4/15/2047

25,000

22,992

5.40%,

10/1/2047

25,000

23,244

5.00%,

5/15/2050(b)

100,000

89,045

Enterprise

Products

Operating

LLC

,

2.80%,

1/31/2030

30,000

27,059

4.45%,

2/15/2043

45,000

41,020

4.95%,

10/15/2054

150,000

140,881

Equinor

ASA

,

3.70%,

4/6/2050

100,000

81,112

Exxon

Mobil

Corp.

,

2.71%,

3/6/2025

250,000

244,263

2.99%,

3/19/2025

200,000

196,140

3.00%,

8/16/2039

50,000

40,176

4.11%,

3/1/2046

100,000

87,837

Hess

Corp.

,

4.30%,

4/1/2027

100,000

98,801

5.60%,

2/15/2041

25,000

26,318

Kinder

Morgan

Energy

Partners

LP

,

5.80%,

3/15/2035

80,000

81,655

5.00%,

3/1/2043

40,000

35,995

Kinder

Morgan,

Inc.

,

4.80%,

2/1/2033

50,000

47,901

5.55%,

6/1/2045

50,000

48,185

5.45%,

8/1/2052

25,000

23,811

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

50,000

40,404

Marathon

Oil

Corp.

,

6.80%,

3/15/2032

52,000

56,483

Marathon

Petroleum

Corp.

,

3.80%,

4/1/2028

50,000

48,160

4.50%,

4/1/2048

30,000

25,367

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

MPLX

LP

,

4.00%,

3/15/2028

75,000

72,629

4.50%,

4/15/2038

25,000

22,499

5.20%,

12/1/2047

30,000

27,224

4.70%,

4/15/2048

50,000

43,068

4.95%,

3/14/2052

25,000

22,213

Occidental

Petroleum

Corp.

,

6.63%,

9/1/2030(b)

50,000

53,195

6.45%,

9/15/2036

50,000

53,337

ONEOK,

Inc.

,

5.80%,

11/1/2030

75,000

77,954

6.05%,

9/1/2033

30,000

31,500

5.20%,

7/15/2048

30,000

27,687

6.63%,

9/1/2053

20,000

22,025

Ovintiv,

Inc.

,

6.50%,

2/1/2038

30,000

31,012

Phillips

66

,

5.88%,

5/1/2042

60,000

64,331

Plains

All

American

Pipeline

LP

,

4.70%,

6/15/2044

50,000

42,658

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

250,000

250,649

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

50,000

53,878

4.00%,

11/15/2047

10,000

7,943

3.75%,

3/4/2051

25,000

18,764

Targa

Resources

Corp.

,

5.20%,

7/1/2027

25,000

25,109

6.13%,

3/15/2033

30,000

31,393

6.25%,

7/1/2052

25,000

25,841

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029

100,000

95,691

3.46%,

7/12/2049

50,000

38,765

TransCanada

PipeLines

Ltd.

,

6.20%,

10/15/2037

50,000

53,080

5.10%,

3/15/2049

90,000

85,676

Valero

Energy

Corp.

,

6.63%,

6/15/2037

70,000

77,014

Western

Midstream

Operating

LP

,

4.05%,

2/1/2030(e)

100,000

93,473

5.25%,

2/1/2050(e)

20,000

17,875

Williams

Cos.,

Inc.

(The)

,

5.30%,

8/15/2028

75,000

76,419

2.60%,

3/15/2031

25,000

21,367

6.30%,

4/15/2040

25,000

26,744

5.40%,

3/4/2044

100,000

96,628

4,852,626

Paper

&

Forest

Products

0

.1

%

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

62,293

Suzano

Austria

GmbH

,

3.75%,

1/15/2031

100,000

87,203

149,496

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Passenger

Airlines

0

.0

%

†

Southwest

Airlines

Co.

,

2.63%,

2/10/2030

25,000

21,953

Personal

Care

Products

0

.0

%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

3.13%,

12/1/2049

30,000

21,347

Kenvue,

Inc.

,

4.90%,

3/22/2033

100,000

102,007

123,354

Pharmaceuticals

0

.9

%

AstraZeneca

plc

,

1.38%,

8/6/2030

75,000

62,172

4.38%,

8/17/2048

100,000

92,058

Bristol-Myers

Squibb

Co.

,

3.40%,

7/26/2029

200,000

189,502

3.55%,

3/15/2042

50,000

40,623

6.25%,

11/15/2053

50,000

56,582

3.90%,

3/15/2062

70,000

53,703

Eli

Lilly

&

Co.

,

2.25%,

5/15/2050

60,000

37,747

4.95%,

2/27/2063

30,000

30,420

GlaxoSmithKline

Capital,

Inc.

,

5.38%,

4/15/2034

90,000

97,906

Johnson

&

Johnson

,

4.95%,

5/15/2033(b)

287,000

304,766

3.63%,

3/3/2037

70,000

63,677

3.70%,

3/1/2046

50,000

42,674

Merck

&

Co.,

Inc.

,

4.30%,

5/17/2030

100,000

99,320

4.15%,

5/18/2043

100,000

90,320

4.00%,

3/7/2049

100,000

86,344

Novartis

Capital

Corp.

,

2.20%,

8/14/2030(b)

100,000

88,041

2.75%,

8/14/2050(b)

20,000

13,915

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2026

110,000

109,499

4.45%,

5/19/2028

150,000

149,687

4.65%,

5/19/2030

100,000

100,308

5.30%,

5/19/2053(b)

150,000

152,513

Pfizer,

Inc.

,

1.75%,

8/18/2031

100,000

82,380

4.13%,

12/15/2046

150,000

132,291

Royalty

Pharma

plc

,

3.55%,

9/2/2050

40,000

28,286

Sanofi

SA

,

3.63%,

6/19/2028

50,000

48,974

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

171,469

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

60,000

58,302

5.25%,

6/15/2046

20,000

16,977

Viatris,

Inc.

,

4.00%,

6/22/2050

50,000

35,386

Zoetis,

Inc.

,

4.50%,

11/13/2025(b)

115,000

114,433

4.70%,

2/1/2043

50,000

46,972

2,697,247

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

0

.1

%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

100,000

82,169

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

80,000

77,328

Concentrix

Corp.

,

6.85%,

8/2/2033

20,000

20,317

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028

25,000

26,123

Thomson

Reuters

Corp.

,

3.35%,

5/15/2026

140,000

135,302

341,239

Residential

REITs

0

.1

%

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

100,000

97,961

Camden

Property

Trust

,

3.35%,

11/1/2049

10,000

7,300

ERP

Operating

LP

,

2.85%,

11/1/2026

250,000

238,256

Essex

Portfolio

LP

,

3.00%,

1/15/2030

50,000

44,628

UDR,

Inc.

,

3.20%,

1/15/2030

50,000

45,370

433,515

Retail

REITs

0

.1

%

Brixmor

Operating

Partnership

LP

,

4.13%,

5/15/2029

50,000

47,477

Federal

Realty

OP

LP

,

3.20%,

6/15/2029

100,000

90,809

Kimco

Realty

OP

LLC

,

4.45%,

9/1/2047(b)

50,000

40,880

NNN

REIT,

Inc.

,

3.50%,

4/15/2051

25,000

18,360

Realty

Income

Corp.

,

3.25%,

6/15/2029

90,000

83,638

4.00%,

7/15/2029

25,000

23,973

305,137

Semiconductors

&

Semiconductor

Equipment

0

.7

%

Analog

Devices,

Inc.

,

2.10%,

10/1/2031

65,000

54,995

Applied

Materials,

Inc.

,

5.85%,

6/15/2041

50,000

54,888

Broadcom,

Inc.

,

4.15%,

11/15/2030

128,000

122,089

4.93%,

5/15/2037(d)

171,000

164,921

3.50%,

2/15/2041(d)

50,000

39,968

Intel

Corp.

,

3.70%,

7/29/2025

150,000

147,730

4.88%,

2/10/2026

50,000

50,316

3.75%,

3/25/2027

50,000

49,004

4.88%,

2/10/2028(b)

35,000

35,472

5.13%,

2/10/2030

50,000

51,497

5.20%,

2/10/2033

50,000

51,470

2.80%,

8/12/2041

45,000

33,414

3.73%,

12/8/2047

65,000

52,101

3.05%,

8/12/2051

100,000

69,177

16

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

5.70%,

2/10/2053

20,000

21,039

3.10%,

2/15/2060

35,000

23,243

5.90%,

2/10/2063

25,000

27,131

KLA

Corp.

,

3.30%,

3/1/2050

50,000

37,344

Lam

Research

Corp.

,

3.80%,

3/15/2025

145,000

143,214

2.88%,

6/15/2050

55,000

38,637

Micron

Technology,

Inc.

,

4.19%,

2/15/2027

100,000

97,995

5.88%,

9/15/2033

50,000

52,010

NVIDIA

Corp.

,

3.50%,

4/1/2050

40,000

32,533

NXP

BV

,

4.30%,

6/18/2029

50,000

48,428

5.00%,

1/15/2033

50,000

49,291

QUALCOMM,

Inc.

,

1.65%,

5/20/2032

100,000

80,191

4.65%,

5/20/2035

100,000

100,837

Texas

Instruments,

Inc.

,

4.15%,

5/15/2048

45,000

39,722

5.00%,

3/14/2053

35,000

34,974

TSMC

Arizona

Corp.

,

2.50%,

10/25/2031

200,000

171,296

1,974,927

Software

0

.5

%

Adobe,

Inc.

,

3.25%,

2/1/2025

70,000

68,892

Microsoft

Corp.

,

3.50%,

2/12/2035

65,000

61,002

3.70%,

8/8/2046

50,000

43,195

2.50%,

9/15/2050(d)

50,000

33,011

2.92%,

3/17/2052

200,000

143,557

Oracle

Corp.

,

5.80%,

11/10/2025

80,000

81,204

2.65%,

7/15/2026

45,000

42,725

4.65%,

5/6/2030

80,000

79,166

2.88%,

3/25/2031

200,000

175,986

6.25%,

11/9/2032

20,000

21,571

4.30%,

7/8/2034

100,000

93,082

3.60%,

4/1/2040

100,000

79,972

3.60%,

4/1/2050

25,000

18,397

6.90%,

11/9/2052

20,000

23,486

5.55%,

2/6/2053(b)

100,000

99,376

3.85%,

4/1/2060

100,000

72,600

Roper

Technologies,

Inc.

,

1.00%,

9/15/2025

60,000

56,311

1.75%,

2/15/2031

100,000

81,517

Salesforce,

Inc.

,

2.90%,

7/15/2051

50,000

34,657

ServiceNow,

Inc.

,

1.40%,

9/1/2030

75,000

61,678

VMware

LLC

,

2.20%,

8/15/2031

100,000

82,582

Workday,

Inc.

,

3.80%,

4/1/2032

30,000

27,828

1,481,795

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

0

.3

%

American

Tower

Corp.

,

3.38%,

10/15/2026

100,000

96,059

5.80%,

11/15/2028

50,000

51,844

3.70%,

10/15/2049

100,000

75,446

Crown

Castle,

Inc.

,

1.05%,

7/15/2026

80,000

72,579

5.00%,

1/11/2028

90,000

89,546

2.25%,

1/15/2031

30,000

24,790

4.00%,

11/15/2049

60,000

46,882

CubeSmart

LP

,

2.25%,

12/15/2028(b)

40,000

35,323

2.50%,

2/15/2032

45,000

37,207

Equinix,

Inc.

,

3.20%,

11/18/2029

35,000

32,002

2.15%,

7/15/2030

100,000

84,465

Extra

Space

Storage

LP

,

5.50%,

7/1/2030

30,000

30,680

Public

Storage

Operating

Co.

,

1.50%,

11/9/2026

55,000

50,625

2.25%,

11/9/2031

50,000

42,058

769,506

Specialty

Retail

0

.3

%

AutoNation,

Inc.

,

2.40%,

8/1/2031

25,000

20,001

AutoZone,

Inc.

,

4.75%,

2/1/2033

35,000

34,260

Home

Depot,

Inc.

(The)

,

2.70%,

4/15/2030

100,000

90,601

3.25%,

4/15/2032

25,000

22,774

5.88%,

12/16/2036

25,000

27,725

4.40%,

3/15/2045

100,000

92,333

4.50%,

12/6/2048

100,000

92,461

Lowe's

Cos.,

Inc.

,

3.65%,

4/5/2029

100,000

96,050

3.75%,

4/1/2032

85,000

78,903

5.00%,

4/15/2040

30,000

29,088

4.05%,

5/3/2047

40,000

33,383

3.00%,

10/15/2050

80,000

54,472

4.25%,

4/1/2052

35,000

29,449

TJX

Cos.,

Inc.

(The)

,

3.88%,

4/15/2030

100,000

96,878

798,378

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Apple,

Inc.

,

2.50%,

2/9/2025

170,000

166,119

2.45%,

8/4/2026

190,000

181,425

3.00%,

11/13/2027(b)

100,000

95,924

1.65%,

5/11/2030

25,000

21,371

1.65%,

2/8/2031

200,000

167,559

3.85%,

5/4/2043

110,000

97,313

4.38%,

5/13/2045

145,000

137,231

2.65%,

2/8/2051

100,000

67,332

2.80%,

2/8/2061

60,000

39,921

Dell

International

LLC

,

4.90%,

10/1/2026

60,000

60,014

3.38%,

12/15/2041

25,000

18,981

8.35%,

7/15/2046

13,000

16,956

Hewlett

Packard

Enterprise

Co.

,

6.35%,

10/15/2045(e)

25,000

26,691

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

HP,

Inc.

,

4.00%,

4/15/2029(b)

10,000

9,664

6.00%,

9/15/2041

50,000

52,545

1,159,046

Textiles,

Apparel

&

Luxury

Goods

0

.0

%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

50,000

45,793

3.38%,

11/1/2046

30,000

23,668

69,461

Tobacco

0

.3

%

Altria

Group,

Inc.

,

2.45%,

2/4/2032

50,000

40,881

3.88%,

9/16/2046

170,000

128,235

BAT

Capital

Corp.

,

4.39%,

8/15/2037

100,000

84,374

4.76%,

9/6/2049

25,000

19,678

3.98%,

9/25/2050

50,000

34,848

BAT

International

Finance

plc

,

5.93%,

2/2/2029

50,000

51,906

Philip

Morris

International,

Inc.

,

5.00%,

11/17/2025

20,000

20,097

5.13%,

11/17/2027

20,000

20,327

5.63%,

11/17/2029

20,000

20,873

5.13%,

2/15/2030

75,000

76,236

5.38%,

2/15/2033

50,000

51,030

4.13%,

3/4/2043

70,000

59,111

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

62,000

61,345

5.70%,

8/15/2035

75,000

73,526

742,467

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

3.38%,

7/1/2025

25,000

24,246

3.63%,

12/1/2027

150,000

142,405

GATX

Corp.

,

4.00%,

6/30/2030(b)

100,000

93,969

260,620

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

50,000

44,135

Wireless

Telecommunication

Services

0

.3

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035

83,000

92,419

Rogers

Communications,

Inc.

,

2.95%,

3/15/2025

10,000

9,751

3.20%,

3/15/2027

10,000

9,558

5.00%,

3/15/2044

100,000

93,909

T-Mobile

USA,

Inc.

,

3.75%,

4/15/2027

100,000

96,950

4.80%,

7/15/2028

20,000

20,056

3.88%,

4/15/2030

100,000

94,570

2.55%,

2/15/2031

30,000

25,722

5.05%,

7/15/2033

20,000

20,023

4.38%,

4/15/2040(b)

100,000

90,243

4.50%,

4/15/2050

100,000

87,553

5.65%,

1/15/2053

30,000

30,962

5.75%,

1/15/2054

10,000

10,515

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

5.80%,

9/15/2062

25,000

26,353

Vodafone

Group

plc

,

6.15%,

2/27/2037

40,000

43,239

4.25%,

9/17/2050

90,000

73,956

825,779

Total

Corporate

Bonds

(cost

$77,267,235)

72,156,600

Foreign

Government

Securities

1

.3

%

CANADA

0.2%

Province

of

Alberta,

3.30%,

3/15/2028

100,000

96,527

Province

of

New

Brunswick,

3.63%,

2/24/2028

100,000

97,271

Province

of

Ontario,

1.13%,

10/7/2030

200,000

163,748

Province

of

Quebec,

3.63%,

4/13/2028

100,000

97,913

7.50%,

9/15/2029

50,000

58,160

513,619

CHILE

0.0%

†

Republic

of

Chile,

3.10%,

1/22/2061

200,000

127,991

HUNGARY

0.0%

†

Hungary

Government

Bond,

7.63%,

3/29/2041

26,000

29,900

INDONESIA

0.1%

Republic

of

Indonesia,

1.85%,

3/12/2031

200,000

164,190

3.55%,

3/31/2032

200,000

181,951

346,141

ISRAEL

0.1%

State

of

Israel

Government

Bond,

4.50%,

1/17/2033

200,000

186,638

ITALY

0.1%

Italian

Republic

Government

Bond,

2.88%,

10/17/2029

200,000

178,999

JAPAN

0.1%

Japan

Bank

for

International

Cooperation,

4.25%,

1/26/2026

200,000

198,974

2.00%,

10/17/2029

200,000

176,264

375,238

MEXICO

0.2%

United

Mexican

States,

3.75%,

1/11/2028

200,000

192,009

4.50%,

4/22/2029(b)

200,000

195,424

5.00%,

4/27/2051

300,000

253,657

18

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

5.75%,

10/12/2110

50,000

44,006

685,096

PANAMA

0.1%

Republic

of

Panama,

3.16%,

1/23/2030

200,000

167,172

6.70%,

1/26/2036

200,000

192,022

359,194

PERU

0.1%

Republic

of

Peru,

3.00%,

1/15/2034

120,000

100,055

3.30%,

3/11/2041

120,000

91,089

191,144

PHILIPPINES

0.1%

Republic

of

Philippines,

6.38%,

10/23/2034

250,000

278,110

POLAND

0.0%

†

Republic

of

Poland,

4.88%,

10/4/2033

100,000

99,670

SOUTH

KOREA

0.1%

Republic

of

Korea,

2.50%,

6/19/2029

200,000

183,820

SWEDEN

0.1%

Svensk

Exportkredit

AB,

2.25%,

3/22/2027

200,000

188,364

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay,

5.10%,

6/18/2050

100,000

97,185

Total

Foreign

Government

Securities

(cost

$4,176,922)

3,841,109

Mortgage-Backed

Securities

26

.3

%

FHLMC

Gold

Pool

Pool#

C00351

8.00%,

7/1/2024

7

7

Pool#

D60780

8.00%,

6/1/2025

105

105

Pool#

G30267

5.00%,

8/1/2025

10,874

10,783

Pool#

J18127

3.00%,

3/1/2027

33,015

32,168

Pool#

J18702

3.00%,

3/1/2027

27,483

26,790

Pool#

J19106

3.00%,

5/1/2027

12,568

12,240

Pool#

C00566

7.50%,

12/1/2027

152

154

Pool#

C18271

7.00%,

11/1/2028

666

688

Pool#

C00678

7.00%,

11/1/2028

144

148

Pool#

C00836

7.00%,

7/1/2029

138

142

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C31285

7.00%,

9/1/2029

200

206

Pool#

C37436

8.00%,

1/1/2030

455

478

Pool#

C36429

7.00%,

2/1/2030

303

312

Pool#

C36306

7.00%,

2/1/2030

201

207

Pool#

C00921

7.50%,

2/1/2030

312

322

Pool#

G01108

7.00%,

4/1/2030

110

113

Pool#

J32255

3.00%,

7/1/2030

12,020

11,576

Pool#

C41561

8.00%,

8/1/2030

977

984

Pool#

C01051

8.00%,

9/1/2030

510

537

Pool#

C43550

7.00%,

10/1/2030

696

718

Pool#

C44017

7.50%,

10/1/2030

227

227

Pool#

C44957

8.00%,

11/1/2030

442

442

Pool#

C01106

7.00%,

12/1/2030

2,262

2,334

Pool#

C01103

7.50%,

12/1/2030

220

229

Pool#

C46932

7.50%,

1/1/2031

335

336

Pool#

C01116

7.50%,

1/1/2031

192

198

Pool#

G01217

7.00%,

3/1/2031

2,446

2,525

Pool#

C48206

7.50%,

3/1/2031

888

889

Pool#

C91366

4.50%,

4/1/2031

32,860

32,706

Pool#

G18605

3.00%,

6/1/2031

5,412

5,198

Pool#

C91377

4.50%,

6/1/2031

17,287

17,206

Pool#

C53324

7.00%,

6/1/2031

819

845

Pool#

C54792

7.00%,

7/1/2031

643

664

Pool#

J35107

2.50%,

8/1/2031

15,708

14,857

Pool#

G01309

7.00%,

8/1/2031

287

297

Pool#

G01311

7.00%,

9/1/2031

2,206

2,277

Pool#

C01222

7.00%,

9/1/2031

326

337

Pool#

G01315

7.00%,

9/1/2031

80

83

Pool#

J35522

2.50%,

10/1/2031

69,807

65,999

Pool#

C58694

7.00%,

10/1/2031

2,291

2,365

Pool#

C60012

7.00%,

11/1/2031

331

342

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

19

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C61298

8.00%,

11/1/2031

1,261

1,262

Pool#

J35957

2.50%,

12/1/2031

129,705

122,632

Pool#

C61105

7.00%,

12/1/2031

2,770

2,859

Pool#

C63171

7.00%,

1/1/2032

2,010

2,075

Pool#

V61548

2.50%,

2/1/2032

146,529

138,308

Pool#

G01391

7.00%,

4/1/2032

3,949

4,121

Pool#

C01345

7.00%,

4/1/2032

1,534

1,587

Pool#

C01370

8.00%,

4/1/2032

366

380

Pool#

G16285

3.50%,

5/1/2032

9,605

9,361

Pool#

C01381

8.00%,

5/1/2032

5,098

5,348

Pool#

C68290

7.00%,

6/1/2032

1,275

1,316

Pool#

C68300

7.00%,

6/1/2032

461

476

Pool#

G01449

7.00%,

7/1/2032

2,523

2,615

Pool#

C69908

7.00%,

8/1/2032

12,905

13,321

Pool#

C91558

3.50%,

9/1/2032

38,546

37,210

Pool#

G16407

2.50%,

1/1/2033

51,797

48,729

Pool#

G01536

7.00%,

3/1/2033

4,323

4,479

Pool#

G30646

3.00%,

5/1/2033

65,901

62,276

Pool#

G30642

3.00%,

5/1/2033

33,014

31,209

Pool#

K90535

3.00%,

5/1/2033

14,891

14,065

Pool#

A16419

6.50%,

11/1/2033

8,504

8,844

Pool#

A16522

6.50%,

12/1/2033

4,478

4,686

Pool#

A21356

6.50%,

4/1/2034

26,418

27,645

Pool#

C01851

6.50%,

4/1/2034

10,490

10,921

Pool#

A24301

6.50%,

5/1/2034

16,089

16,695

Pool#

A22067

6.50%,

5/1/2034

8,000

8,333

Pool#

A24988

6.50%,

7/1/2034

6,374

6,595

Pool#

G01741

6.50%,

10/1/2034

3,324

3,427

Pool#

G08023

6.50%,

11/1/2034

7,270

7,626

Pool#

G08064

6.50%,

4/1/2035

3,875

4,161

Pool#

G01947

7.00%,

5/1/2035

3,370

3,479

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A39759

5.50%,

11/1/2035

2,582

2,659

Pool#

A40376

5.50%,

12/1/2035

1,348

1,388

Pool#

A42305

5.50%,

1/1/2036

3,359

3,466

Pool#

A41548

7.00%,

1/1/2036

4,002

4,131

Pool#

G08111

5.50%,

2/1/2036

7,504

7,728

Pool#

A43861

5.50%,

3/1/2036

20,708

21,328

Pool#

G08116

5.50%,

3/1/2036

9,590

9,877

Pool#

A43534

6.50%,

3/1/2036

1,189

1,237

Pool#

A48735

5.50%,

5/1/2036

4,260

4,388

Pool#

G08136

6.50%,

6/1/2036

4,073

4,257

Pool#

A53039

6.50%,

10/1/2036

27,614

28,804

Pool#

C91982

3.50%,

3/1/2038

35,700

33,856

Pool#

G04251

6.50%,

4/1/2038

1,817

1,904

Pool#

G04569

6.50%,

8/1/2038

2,509

2,610

Pool#

A84252

6.50%,

1/1/2039

11,214

11,663

Pool#

A84287

6.50%,

1/1/2039

6,338

6,662

Pool#

G60342

4.50%,

5/1/2042

53,507

53,322

Pool#

G07158

3.50%,

10/1/2042

59,177

55,370

Pool#

Q12051

3.50%,

10/1/2042

53,414

50,017

Pool#

G07163

3.50%,

10/1/2042

51,596

48,336

Pool#

Q11532

3.50%,

10/1/2042

44,096

41,268

Pool#

Q12052

3.50%,

10/1/2042

22,950

21,488

Pool#

C09020

3.50%,

11/1/2042

200,813

187,934

Pool#

G07264

3.50%,

12/1/2042

87,047

81,429

Pool#

Q14292

3.50%,

1/1/2043

24,736

23,155

Pool#

Q14881

3.50%,

1/1/2043

18,850

17,629

Pool#

V80002

2.50%,

4/1/2043

145,331

126,769

Pool#

Q16915

3.00%,

4/1/2043

261,474

237,986

Pool#

Q17675

3.50%,

4/1/2043

113,643

106,471

Pool#

G07410

3.50%,

7/1/2043

45,254

42,398

Pool#

Q20332

3.50%,

7/1/2043

8,864

8,283

20

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G07946

4.00%,

7/1/2044

46,449

44,772

Pool#

Q28607

3.50%,

9/1/2044

42,513

39,698

Pool#

G61231

3.50%,

9/1/2044

6,913

6,465

Pool#

G08609

3.50%,

10/1/2044

17,231

16,047

Pool#

Q30833

4.00%,

1/1/2045

3,866

3,725

Pool#

V81873

4.00%,

8/1/2045

8,191

7,893

Pool#

G08669

4.00%,

9/1/2045

43,820

42,224

Pool#

Q38357

4.00%,

1/1/2046

2,889

2,784

Pool#

G61365

4.50%,

1/1/2046

37,808

37,491

Pool#

G08697

3.00%,

3/1/2046

68,508

61,543

Pool#

Q39440

4.00%,

3/1/2046

2,643

2,547

Pool#

G08704

4.50%,

4/1/2046

6,907

6,849

Pool#

Q40097

4.50%,

4/1/2046

1,231

1,220

Pool#

Q40718

3.50%,

5/1/2046

12,313

11,421

Pool#

G08707

4.00%,

5/1/2046

54,890

52,892

Pool#

G08708

4.50%,

5/1/2046

4,638

4,599

Pool#

Q40728

4.50%,

5/1/2046

413

408

Pool#

Q41548

3.00%,

7/1/2046

13,749

12,365

Pool#

Q41903

3.50%,

7/1/2046

69,296

64,276

Pool#

Q41491

3.50%,

7/1/2046

7,338

6,806

Pool#

Q41935

3.50%,

7/1/2046

6,181

5,761

Pool#

G61791

4.00%,

7/1/2046

8,007

7,716

Pool#

Q41947

4.50%,

7/1/2046

1,603

1,588

Pool#

G08715

3.00%,

8/1/2046

95,229

85,252

Pool#

Q42596

3.50%,

8/1/2046

60,117

55,976

Pool#

Q42203

3.50%,

8/1/2046

10,657

9,903

Pool#

Q42393

3.50%,

8/1/2046

9,309

8,635

Pool#

G61323

3.00%,

9/1/2046

122,117

111,000

Pool#

G08721

3.00%,

9/1/2046

70,528

63,125

Pool#

V82617

3.50%,

9/1/2046

44,554

41,262

Pool#

G08722

3.50%,

9/1/2046

9,920

9,238

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G60733

4.50%,

9/1/2046

19,665

19,500

Pool#

G60722

3.00%,

10/1/2046

186,911

167,330

Pool#

Q44035

3.00%,

10/1/2046

89,706

80,234

Pool#

G61815

4.00%,

10/1/2046

4,974

4,793

Pool#

G61257

3.00%,

11/1/2046

174,393

155,747

Pool#

Q44452

3.00%,

11/1/2046

40,291

36,021

Pool#

G08732

3.00%,

11/1/2046

11,433

10,199

Pool#

Q44473

3.50%,

11/1/2046

9,183

8,517

Pool#

Q44223

3.50%,

11/1/2046

5,867

5,442

Pool#

G08734

4.00%,

11/1/2046

88,051

84,800

Pool#

G08737

3.00%,

12/1/2046

499,383

446,550

Pool#

G60989

3.00%,

12/1/2046

73,310

65,626

Pool#

Q45878

3.00%,

12/1/2046

13,134

11,723

Pool#

G61862

3.50%,

12/1/2046

11,178

10,368

Pool#

G08741

3.00%,

1/1/2047

102,537

91,668

Pool#

G08747

3.00%,

2/1/2047

173,762

155,333

Pool#

G08748

3.50%,

2/1/2047

16,209

15,034

Pool#

Q47484

3.50%,

4/1/2047

17,669

16,389

Pool#

G60988

3.00%,

5/1/2047

409,350

366,656

Pool#

Q48098

3.50%,

5/1/2047

56,996

52,750

Pool#

G61390

3.00%,

6/1/2047

160,147

143,178

Pool#

G61339

3.00%,

8/1/2047

38,256

34,219

Pool#

Q53085

3.00%,

9/1/2047

28,244

25,415

Pool#

G61622

3.00%,

10/1/2047

93,917

84,043

Pool#

G08785

4.00%,

10/1/2047

3,747

3,575

Pool#

Q52075

4.00%,

11/1/2047

63,500

61,156

Pool#

T65458

3.50%,

2/1/2048

65,474

59,348

Pool#

G08800

3.50%,

2/1/2048

8,579

7,957

Pool#

G08801

4.00%,

2/1/2048

24,935

23,939

Pool#

Q54727

3.50%,

3/1/2048

23,629

21,917

Pool#

Q55401

5.00%,

4/1/2048

5,265

5,290

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

21

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08817

4.00%,

6/1/2048

5,237

5,016

Pool#

G08827

4.50%,

7/1/2048

40,336

39,668

Pool#

Q57401

4.50%,

7/1/2048

12,850

12,682

Pool#

Q57402

4.50%,

7/1/2048

4,611

4,561

Pool#

G08831

4.00%,

8/1/2048

43,070

41,287

Pool#

G67716

4.50%,

10/1/2048

49,568

48,919

Pool#

G61846

4.00%,

1/1/2049

74

71

Pool#

V85279

3.50%,

4/1/2049

18,442

17,122

FHLMC

Non

Gold

Pool

Pool#

1B8478

5.98%,

7/1/2041(a)

10,220

10,349

Pool#

2B0108

6.15%,

1/1/2042(a)

760

758

FHLMC

UMBS

Pool

Pool#

SB0383

2.50%,

4/1/2032

292,285

275,963

Pool#

SB8500

2.50%,

7/1/2035

212,341

196,610

Pool#

SB0479

2.50%,

10/1/2035

48,953

45,431

Pool#

RC1826

2.00%,

2/1/2036

220,924

199,744

Pool#

SB8092

1.50%,

3/1/2036

53,151

46,734

Pool#

RC1887

2.00%,

3/1/2036

341,637

308,885

Pool#

RC2045

2.00%,

6/1/2036

17,628

15,938

Pool#

QN8913

2.00%,

12/1/2036

60,889

55,049

Pool#

RC2402

2.00%,

1/1/2037

79,671

71,845

Pool#

RC2399

2.00%,

1/1/2037

59,840

54,152

Pool#

SB8140

1.50%,

2/1/2037

145,720

127,399

Pool#

SB8144

1.50%,

3/1/2037

168,547

147,405

Pool#

QN9700

1.50%,

3/1/2037

32,084

28,048

Pool#

SB8148

2.00%,

4/1/2037

63,851

57,369

Pool#

SB8158

2.00%,

6/1/2037

64,952

58,358

Pool#

SB0725

4.00%,

8/1/2037

3,454

3,382

Pool#

SB1009

4.00%,

2/1/2038

3,866

3,783

Pool#

ZM2339

3.50%,

1/1/2047

54,835

50,790

Pool#

RA3022

2.50%,

6/1/2050

199,852

169,326

Pool#

SD7521

2.50%,

7/1/2050

517,644

443,350

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8074

3.00%,

7/1/2050

35,989

31,836

Pool#

SD7523

2.50%,

8/1/2050

244,107

208,833

Pool#

RA3382

3.00%,

8/1/2050

190,927

168,246

Pool#

SD1143

4.50%,

9/1/2050

87,386

85,610

Pool#

SD0514

2.00%,

10/1/2050

198,601

162,544

Pool#

RA3723

2.00%,

10/1/2050

109,689

89,423

Pool#

RA3932

2.50%,

11/1/2050

228,396

194,595

Pool#

RA3987

2.50%,

11/1/2050

124,182

105,136

Pool#

RA4351

2.50%,

1/1/2051

274,615

232,270

Pool#

RA4410

2.50%,

1/1/2051

186,212

157,583

Pool#

RA4652

2.00%,

2/1/2051

1,252,180

1,020,801

Pool#

RA4493

2.00%,

2/1/2051

783,675

635,107

Pool#

QB9104

2.00%,

2/1/2051

329,070

266,398

Pool#

RA4737

2.00%,

3/1/2051

967,760

785,945

Pool#

RA4718

2.00%,

3/1/2051

549,029

447,579

Pool#

RA4727

2.00%,

3/1/2051

315,164

255,119

Pool#

SD7537

2.00%,

3/1/2051

140,514

114,704

Pool#

SD8140

2.00%,

4/1/2051

1,381,747

1,118,513

Pool#

SD0576

2.50%,

4/1/2051

65,849

55,386

Pool#

SD8145

1.50%,

5/1/2051

882,835

678,578

Pool#

QC2070

2.00%,

5/1/2051

61,648

50,431

Pool#

RA5436

2.00%,

6/1/2051

186,985

151,475

Pool#

RA5398

2.00%,

7/1/2051

230,770

188,577

Pool#

RA6091

2.00%,

10/1/2051

190,754

155,682

Pool#

RA6236

2.00%,

11/1/2051

216,447

176,081

Pool#

SD8182

2.00%,

12/1/2051

870,179

703,825

Pool#

RA6959

2.50%,

3/1/2052

42,910

36,154

Pool#

QE0374

2.50%,

4/1/2052

254,023

214,053

Pool#

RA7154

4.00%,

4/1/2052

47,167

44,412

Pool#

SD8212

2.50%,

5/1/2052

237,331

199,662

Pool#

RA7779

4.50%,

8/1/2052

7,072

6,841

22

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA7933

5.00%,

9/1/2052

68,569

68,360

Pool#

SD7557

4.50%,

12/1/2052

151,769

148,200

Pool#

SD2248

5.00%,

1/1/2053

72,502

72,079

Pool#

QF5629

6.00%,

1/1/2053

16,717

17,226

Pool#

SD2660

5.00%,

4/1/2053

140,720

138,998

Pool#

SD2661

5.50%,

4/1/2053

62,398

62,682

Pool#

SD8324

5.50%,

5/1/2053

145,797

146,201

Pool#

SD2890

5.50%,

5/1/2053

36,765

37,245

Pool#

SD2905

5.50%,

5/1/2053

35,962

36,157

Pool#

SD3148

5.00%,

6/1/2053

145,685

144,789

Pool#

SD3085

5.50%,

6/1/2053

21,909

22,096

Pool#

SD3565

4.50%,

8/1/2053

13,667

13,240

Pool#

SD3603

6.00%,

8/1/2053

60,108

61,700

Pool#

SD4350

6.50%,

10/1/2053

17,946

18,372

Pool#

SD4340

5.50%,

11/1/2053

334,123

337,398

Pool#

RJ0527

6.50%,

12/1/2053

16,903

17,302

Pool#

RJ0717

6.50%,

1/1/2054

10,000

10,261

FNMA

Pool

Pool#

AC9890

4.68%,

4/1/2040(a)

76,229

75,517

Pool#

AJ1249

6.06%,

9/1/2041(a)

23,768

24,417

Pool#

AL1437

6.07%,

1/1/2042(a)

6,262

6,302

Pool#

AK0714

4.92%,

2/1/2042(a)

1,300

1,302

Pool#

AP1961

5.95%,

8/1/2042(a)

14,038

14,401

Pool#

BF0206

4.00%,

2/1/2047

31,586

29,611

Pool#

BF0200

3.50%,

11/1/2051

176,045

163,167

FNMA

UMBS

Pool

Pool#

AA2549

4.00%,

4/1/2024

421

419

Pool#

AC1374

4.00%,

8/1/2024

2,440

2,410

Pool#

AC1529

4.50%,

9/1/2024

1,093

1,085

Pool#

AD0244

4.50%,

10/1/2024

890

885

Pool#

AH1361

3.50%,

12/1/2025

13,324

13,022

Pool#

AH1518

3.50%,

12/1/2025

6,579

6,430

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AE6384

4.00%,

1/1/2026

1,390

1,367

Pool#

AP4746

3.00%,

8/1/2027

18,794

18,265

Pool#

AP4640

3.00%,

9/1/2027

16,193

15,566

Pool#

AQ5096

3.00%,

11/1/2027

28,410

27,581

Pool#

AQ4532

3.00%,

11/1/2027

25,392

24,386

Pool#

AQ3758

3.00%,

11/1/2027

19,372

18,599

Pool#

AB6886

3.00%,

11/1/2027

11,983

11,634

Pool#

AS0487

2.50%,

9/1/2028

64,352

61,823

Pool#

930998

4.50%,

4/1/2029

1,663

1,643

Pool#

MA0243

5.00%,

11/1/2029

4,822

4,829

Pool#

AL8077

3.50%,

12/1/2029

5,464

5,338

Pool#

MA0268

5.00%,

12/1/2029

4,789

4,798

Pool#

AD5655

5.00%,

5/1/2030

12,439

12,388

Pool#

MA0443

5.00%,

5/1/2030

6,108

6,133

Pool#

AB1038

5.00%,

5/1/2030

5,603

5,580

Pool#

AS5420

3.00%,

7/1/2030

26,555

25,534

Pool#

MA0559

5.00%,

9/1/2030

2,231

2,221

Pool#

AZ9234

3.50%,

10/1/2030

5,354

5,194

Pool#

AH1515

4.00%,

12/1/2030

106,259

104,159

Pool#

AD0716

6.50%,

12/1/2030

64,288

65,806

Pool#

MA0641

4.00%,

2/1/2031

98,535

96,587

Pool#

560868

7.50%,

2/1/2031

277

277

Pool#

BC5968

2.50%,

4/1/2031

23,301

22,041

Pool#

BC4430

3.00%,

4/1/2031

8,225

7,900

Pool#

AL8566

3.00%,

6/1/2031

27,604

26,479

Pool#

AL8565

3.00%,

6/1/2031

24,354

23,345

Pool#

AS8028

2.50%,

9/1/2031

75,772

71,540

Pool#

607212

7.50%,

10/1/2031

1,777

1,779

Pool#

BM3814

2.50%,

12/1/2031

40,923

38,645

Pool#

AS8609

3.00%,

1/1/2032

35,689

34,111

Pool#

AL9585

3.50%,

1/1/2032

8,974

8,741

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

23

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4624

3.00%,

2/1/2032

29,184

27,991

Pool#

AS8767

3.00%,

2/1/2032

27,642

26,458

Pool#

AL9871

3.00%,

2/1/2032

11,859

11,375

Pool#

BM3269

2.50%,

4/1/2032

69,319

65,339

Pool#

BM4088

3.00%,

6/1/2032

26,046

24,987

Pool#

MA1107

3.50%,

7/1/2032

25,611

24,687

Pool#

BH6610

3.50%,

7/1/2032

7,592

7,384

Pool#

BM1669

3.00%,

8/1/2032

14,725

14,069

Pool#

BM5167

3.50%,

9/1/2032

5,790

5,645

Pool#

BH9391

3.50%,

10/1/2032

6,995

6,807

Pool#

BM3977

3.00%,

12/1/2032

55,046

52,575

Pool#

CA0951

3.00%,

12/1/2032

37,699

36,019

Pool#

FM1661

2.50%,

1/1/2033

148,133

140,986

Pool#

BM4338

2.50%,

1/1/2033

67,469

63,705

Pool#

656559

6.50%,

2/1/2033

8,434

8,714

Pool#

694846

6.50%,

4/1/2033

1,434

1,495

Pool#

AB9402

3.00%,

5/1/2033

88,493

83,746

Pool#

AB9403

3.00%,

5/1/2033

34,279

32,363

Pool#

MA1527

3.00%,

8/1/2033

154,948

146,267

Pool#

750229

6.50%,

10/1/2033

10,570

11,017

Pool#

725228

6.00%,

3/1/2034

204,732

211,911

Pool#

788027

6.50%,

9/1/2034

13,551

14,013

Pool#

FM4900

2.00%,

12/1/2035

52,971

47,892

Pool#

CA8789

2.00%,

2/1/2036

322,354

291,451

Pool#

CA9145

2.00%,

2/1/2036

261,782

236,686

Pool#

FM5571

2.00%,

2/1/2036

143,470

129,719

Pool#

CA9475

2.00%,

3/1/2036

84,904

76,765

Pool#

CB0262

2.00%,

4/1/2036

1,729,482

1,553,004

Pool#

FM8538

2.00%,

8/1/2036

19,359

17,503

Pool#

AL4260

5.50%,

9/1/2036

16,649

17,122

Pool#

MA4441

1.50%,

10/1/2036

39,784

34,857

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS0180

2.00%,

12/1/2036

125,173

112,473

Pool#

FS0155

2.00%,

12/1/2036

59,946

54,028

Pool#

BU1381

2.00%,

12/1/2036

40,589

36,566

Pool#

CB2709

2.00%,

1/1/2037

100,640

90,688

Pool#

MA4535

1.50%,

2/1/2037

273,481

239,108

Pool#

MA4566

1.50%,

3/1/2037

467,642

409,139

Pool#

MA4581

1.50%,

4/1/2037

72,368

63,286

Pool#

CB3441

2.50%,

4/1/2037

32,621

30,032

Pool#

FS2497

1.50%,

8/1/2037

38,964

34,086

Pool#

MA4726

4.00%,

9/1/2037

5,607

5,487

Pool#

MA4797

4.00%,

11/1/2037

6,755

6,602

Pool#

955194

7.00%,

11/1/2037

69,587

73,821

Pool#

MA5223

4.00%,

11/1/2038

1,916

1,873

Pool#

AB1735

3.50%,

11/1/2040

4,618

4,329

Pool#

AB2067

3.50%,

1/1/2041

136,810

128,397

Pool#

AB2068

3.50%,

1/1/2041

79,479

74,544

Pool#

932888

3.50%,

1/1/2041

57,631

54,039

Pool#

932891

3.50%,

1/1/2041

10,432

9,784

Pool#

AI9920

4.00%,

9/1/2041

4,198

4,022

Pool#

AI9851

4.50%,

9/1/2041

21,291

21,188

Pool#

AJ5431

4.50%,

10/1/2041

47,634

47,363

Pool#

AJ4861

4.00%,

12/1/2041

62,826

60,455

Pool#

AX5316

4.50%,

1/1/2042

7,055

7,020

Pool#

AL2499

4.50%,

1/1/2042

2,228

2,218

Pool#

AW8167

3.50%,

2/1/2042

158,444

148,354

Pool#

AB5185

3.50%,

5/1/2042

126,209

118,016

Pool#

AO3575

4.50%,

5/1/2042

43,783

43,479

Pool#

AP2092

4.50%,

8/1/2042

11,034

10,873

Pool#

AP7489

4.00%,

9/1/2042

205,991

198,215

Pool#

AL2782

4.50%,

9/1/2042

28,650

28,511

Pool#

AL2677

3.50%,

11/1/2042

75,369

70,499

24

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA1273

3.50%,

12/1/2042

92,142

86,111

Pool#

AR8213

3.50%,

4/1/2043

83,140

77,853

Pool#

AB9238

3.00%,

5/1/2043

303,906

275,834

Pool#

AB9237

3.00%,

5/1/2043

242,464

220,067

Pool#

AB9236

3.00%,

5/1/2043

55,375

50,260

Pool#

AB9362

3.50%,

5/1/2043

208,112

194,358

Pool#

AT4145

3.00%,

6/1/2043

116,323

105,576

Pool#

AB9814

3.00%,

7/1/2043

296,599

269,202

Pool#

AS0255

4.50%,

8/1/2043

83,404

82,585

Pool#

AS0516

3.00%,

9/1/2043

112,832

102,397

Pool#

BM4222

3.00%,

1/1/2044

155,992

141,598

Pool#

AW1006

4.00%,

5/1/2044

58,560

56,393

Pool#

AL7767

4.50%,

6/1/2044

3,802

3,709

Pool#

AS3946

4.00%,

12/1/2044

184,163

177,209

Pool#

BM3611

4.00%,

1/1/2045

30,348

29,203

Pool#

BM3804

3.50%,

2/1/2045

16,610

15,509

Pool#

AL9555

4.00%,

2/1/2045

427,925

411,784

Pool#

AL6889

4.50%,

2/1/2045

30,348

30,051

Pool#

BM3931

3.00%,

3/1/2045

34,488

31,306

Pool#

BM3664

3.00%,

5/1/2045

155,395

141,057

Pool#

AS4921

3.50%,

5/1/2045

208,790

194,212

Pool#

BM5562

4.00%,

6/1/2045

49,621

47,748

Pool#

AL7207

4.50%,

8/1/2045

38,838

38,457

Pool#

AS6362

4.50%,

12/1/2045

6,738

6,672

Pool#

AS6474

3.50%,

1/1/2046

61,475

57,590

Pool#

AS6539

3.50%,

1/1/2046

56,298

52,741

Pool#

AL9849

3.50%,

1/1/2046

47,377

44,239

Pool#

AL9781

4.50%,

2/1/2046

59,876

59,379

Pool#

BM4621

3.50%,

3/1/2046

36,514

34,144

Pool#

BC0823

3.50%,

4/1/2046

36,147

33,483

Pool#

AL8833

4.00%,

6/1/2046

63,015

60,683

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS7545

3.50%,

7/1/2046

54,163

50,170

Pool#

MA2705

3.00%,

8/1/2046

136,948

122,510

Pool#

BC1489

3.00%,

8/1/2046

19,900

17,853

Pool#

AS7760

4.00%,

8/1/2046

55,636

53,530

Pool#

AS7770

4.50%,

8/1/2046

4,661

4,611

Pool#

AL8947

3.50%,

9/1/2046

11,501

10,654

Pool#

AL9263

3.00%,

10/1/2046

39,674

35,444

Pool#

BM3932

3.50%,

10/1/2046

47,236

43,754

Pool#

FM1871

4.00%,

10/1/2046

38,634

37,176

Pool#

BC4766

4.50%,

10/1/2046

9,868

9,771

Pool#

AS8154

4.50%,

10/1/2046

3,155

3,121

Pool#

FM1368

3.00%,

11/1/2046

377,266

339,791

Pool#

BC9003

3.00%,

11/1/2046

42,782

38,223

Pool#

BE5067

3.50%,

11/1/2046

124,319

115,236

Pool#

BC9067

3.00%,

12/1/2046

60,122

53,703

Pool#

AS8417

3.50%,

12/1/2046

50,697

46,960

Pool#

AS8650

3.00%,

1/1/2047

290,987

259,800

Pool#

AS8692

3.50%,

1/1/2047

50,904

47,202

Pool#

BD2440

3.50%,

1/1/2047

18,064

16,732

Pool#

BE7115

4.50%,

1/1/2047

2,272

2,240

Pool#

BD5046

3.50%,

2/1/2047

17,708

16,403

Pool#

AS8979

4.50%,

3/1/2047

12,494

12,356

Pool#

BM3707

2.50%,

4/1/2047

38,611

33,145

Pool#

AS9467

4.00%,

4/1/2047

5,066

4,871

Pool#

AS9470

4.50%,

4/1/2047

40,817

40,333

Pool#

BH0304

4.50%,

4/1/2047

2,719

2,682

Pool#

AS9562

3.00%,

5/1/2047

23,599

21,040

Pool#

BM3237

3.50%,

5/1/2047

88,015

81,989

Pool#

AS9577

3.50%,

5/1/2047

67,785

62,159

Pool#

AS9586

4.00%,

5/1/2047

322,576

310,163

Pool#

BM1268

4.00%,

5/1/2047

102,700

98,738

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS9794

3.50%,

6/1/2047

63,797

59,637

Pool#

BE3702

4.00%,

6/1/2047

30,493

29,210

Pool#

BM1295

4.50%,

6/1/2047

37,720

37,288

Pool#

BE9624

4.50%,

6/1/2047

17,619

17,280

Pool#

BM3801

3.00%,

7/1/2047

94,926

84,791

Pool#

AS9909

3.50%,

7/1/2047

56,192

52,344

Pool#

BM3556

4.00%,

9/1/2047

19,254

18,604

Pool#

CA0623

4.50%,

10/1/2047

7,569

7,474

Pool#

BM3379

3.00%,

12/1/2047

167,849

150,068

Pool#

BJ1699

4.00%,

12/1/2047

61,958

59,883

Pool#

MA3238

3.50%,

1/1/2048

97,274

90,064

Pool#

MA3277

4.00%,

2/1/2048

70,067

67,189

Pool#

BK1972

4.50%,

3/1/2048

15,161

15,030

Pool#

MA3332

3.50%,

4/1/2048

75,225

69,679

Pool#

CA1531

3.50%,

4/1/2048

23,199

21,782

Pool#

CA1510

3.50%,

4/1/2048

20,813

19,278

Pool#

CA1560

4.50%,

4/1/2048

23,196

22,801

Pool#

CA1898

4.50%,

6/1/2048

45,150

44,494

Pool#

CA1951

4.00%,

7/1/2048

20,041

19,179

Pool#

BK6577

4.50%,

7/1/2048

3,583

3,499

Pool#

CA2376

4.00%,

9/1/2048

30,366

28,984

Pool#

MA3495

4.00%,

10/1/2048

58,893

56,268

Pool#

BM4664

4.50%,

10/1/2048

32,022

31,483

Pool#

FM1001

3.50%,

11/1/2048

11,263

10,433

Pool#

MA3521

4.00%,

11/1/2048

46,118

43,833

Pool#

MA3536

4.00%,

12/1/2048

46,471

44,342

Pool#

BN0340

4.50%,

12/1/2048

64,610

63,276

Pool#

CA2779

4.50%,

12/1/2048

33,334

32,766

Pool#

MA3563

4.00%,

1/1/2049

184,912

176,440

Pool#

BN3944

4.00%,

1/1/2049

17,902

17,101

Pool#

CA3387

4.00%,

4/1/2049

68,983

66,335

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA3489

4.00%,

5/1/2049

40,508

38,953

Pool#

MA3665

4.50%,

5/1/2049

61,202

60,046

Pool#

CA3669

4.00%,

6/1/2049

79,894

76,500

Pool#

CA3825

4.00%,

7/1/2049

24,291

23,439

Pool#

FM2887

3.00%,

3/1/2050

88,472

78,518

Pool#

FM0077

3.00%,

3/1/2050

42,804

37,849

Pool#

CA5510

3.00%,

4/1/2050

139,779

123,751

Pool#

MA4048

3.00%,

6/1/2050

43,097

38,071

Pool#

MA4077

2.00%,

7/1/2050

90,045

73,176

Pool#

CA6598

2.50%,

8/1/2050

297,270

253,198

Pool#

MA4097

3.00%,

8/1/2050

9,534

8,419

Pool#

BQ4909

2.00%,

9/1/2050

786,917

640,530

Pool#

CA6985

2.00%,

9/1/2050

495,566

404,644

Pool#

FM4222

2.50%,

9/1/2050

580,339

497,442

Pool#

CA7572

2.50%,

10/1/2050

466,444

399,312

Pool#

CA7368

2.50%,

10/1/2050

365,402

309,645

Pool#

CA7369

2.50%,

10/1/2050

273,547

231,693

Pool#

MA4181

1.50%,

11/1/2050

436,910

336,356

Pool#

FM4808

2.50%,

11/1/2050

257,668

218,297

Pool#

MA4210

2.50%,

12/1/2050

66,463

56,308

Pool#

CA8442

2.00%,

1/1/2051

961,805

787,174

Pool#

FM6031

2.00%,

2/1/2051

1,309,168

1,057,097

Pool#

CA8893

2.00%,

2/1/2051

390,394

317,479

Pool#

BQ9747

2.00%,

2/1/2051

334,631

270,955

Pool#

CA8823

2.00%,

2/1/2051

210,420

171,123

Pool#

FM6135

2.00%,

2/1/2051

135,037

110,261

Pool#

FM6554

2.00%,

3/1/2051

522,858

426,198

Pool#

FM6569

2.50%,

3/1/2051

583,443

493,447

Pool#

FM7677

2.50%,

3/1/2051

550,249

466,746

Pool#

FM6834

2.00%,

4/1/2051

650,902

530,569

Pool#

CB0235

2.00%,

4/1/2051

296,905

241,921

26

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB0149

2.00%,

4/1/2051

202,163

164,851

Pool#

CB0400

2.00%,

5/1/2051

82,176

67,704

Pool#

CB0684

2.00%,

6/1/2051

312,619

254,625

Pool#

FM8630

1.50%,

7/1/2051

39,106

30,109

Pool#

CB1110

2.00%,

7/1/2051

84,928

68,714

Pool#

FM8160

2.50%,

7/1/2051

157,294

134,302

Pool#

FM8007

2.50%,

7/1/2051

98,416

83,328

Pool#

FM8011

2.50%,

8/1/2051

311,078

264,609

Pool#

FM8441

2.50%,

8/1/2051

124,812

106,190

Pool#

CB1330

2.50%,

8/1/2051

104,698

88,655

Pool#

MA4399

2.50%,

8/1/2051

84,270

71,166

Pool#

FM8794

2.50%,

9/1/2051

306,596

260,471

Pool#

FM9082

2.00%,

10/1/2051

106,731

87,146

Pool#

CB1871

2.50%,

10/1/2051

379,583

322,425

Pool#

MA4464

1.50%,

11/1/2051

50,950

39,136

Pool#

MA4465

2.00%,

11/1/2051

681,778

551,710

Pool#

FM9450

2.00%,

11/1/2051

106,169

86,392

Pool#

FM9491

2.50%,

11/1/2051

43,857

37,125

Pool#

FM9494

2.50%,

11/1/2051

28,026

23,801

Pool#

FM9543

2.50%,

12/1/2051

446,496

379,164

Pool#

CB2410

2.50%,

12/1/2051

109,878

93,276

Pool#

FM9806

2.50%,

12/1/2051

95,283

80,896

Pool#

MA4512

2.50%,

1/1/2052

810,174

683,229

Pool#

BU8176

2.50%,

1/1/2052

440,632

371,589

Pool#

FS2639

2.50%,

1/1/2052

320,325

270,716

Pool#

BU9929

2.00%,

2/1/2052

246,209

199,061

Pool#

MA4578

2.50%,

4/1/2052

363,572

306,404

Pool#

CB3351

2.50%,

4/1/2052

69,038

58,182

Pool#

MA4700

4.00%,

8/1/2052

71,358

67,189

Pool#

FS2972

4.50%,

10/1/2052

47,184

45,735

Pool#

MA4805

4.50%,

11/1/2052

59,719

57,747

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CB5084

5.00%,

11/1/2052

47,776

47,622

Pool#

CB5268

4.50%,

12/1/2052

331,512

320,596

Pool#

FS3416

5.00%,

12/1/2052

92,597

92,299

Pool#

CB5535

5.00%,

1/1/2053

241,256

238,729

Pool#

BW5089

5.00%,

1/1/2053

65,569

64,801

Pool#

CB5642

5.50%,

2/1/2053

80,294

80,641

Pool#

CB5836

5.00%,

3/1/2053

46,506

46,536

Pool#

CB5908

5.50%,

3/1/2053

74,463

75,687

Pool#

FS4070

5.50%,

3/1/2053

48,716

49,351

Pool#

CB6004

5.50%,

4/1/2053

311,527

316,103

Pool#

CB6182

5.00%,

5/1/2053

147,044

145,206

Pool#

MA5073

6.00%,

7/1/2053

50,941

51,640

Pool#

FS5424

4.50%,

8/1/2053

41,132

39,836

Pool#

CB6921

6.00%,

8/1/2053

33,460

34,491

Pool#

FS5886

6.00%,

9/1/2053

107,633

109,135

Pool#

CB7115

6.00%,

9/1/2053

51,814

53,291

Pool#

CB7484

6.50%,

11/1/2053

181,534

185,889

Pool#

FS6294

6.50%,

11/1/2053

21,585

22,094

Pool#

CB7865

6.50%,

1/1/2054

21,988

22,572

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

2/25/2039

200,000

174,858

2.00%,

2/25/2039

200,000

179,483

2.50%,

2/25/2039

464,000

427,279

3.00%,

2/25/2039

425,000

400,164

3.50%,

2/25/2039

200,000

192,276

4.00%,

2/25/2039

75,000

73,333

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

2/25/2054

875,000

886,980

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

2/25/2054

225,000

172,678

2.00%,

2/25/2054

500,000

403,104

2.50%,

2/25/2054

1,075,000

903,900

3.00%,

2/25/2054

900,000

787,640

3.50%,

2/25/2054

575,000

523,293

4.00%,

2/25/2054

350,000

329,429

4.50%,

2/25/2054

49,000

47,373

5.00%,

2/25/2054

1,101,000

1,086,578

5.50%,

2/25/2054

671,000

672,910

6.50%,

2/25/2054

1,025,000

1,049,257

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

3

3

Pool#

457801

7.00%,

8/15/2028

553

559

Pool#

486936

6.50%,

2/15/2029

253

260

Pool#

502969

6.00%,

3/15/2029

950

985

Pool#

487053

7.00%,

3/15/2029

319

321

Pool#

781014

6.00%,

4/15/2029

610

619

Pool#

509099

7.00%,

6/15/2029

1,432

1,441

Pool#

434505

7.50%,

8/15/2029

25

25

Pool#

781124

7.00%,

12/15/2029

2,296

2,385

Pool#

507396

7.50%,

9/15/2030

16,832

16,936

Pool#

531352

7.50%,

9/15/2030

1,150

1,157

Pool#

536334

7.50%,

10/15/2030

87

88

Pool#

486019

7.50%,

1/15/2031

425

428

Pool#

535388

7.50%,

1/15/2031

281

283

Pool#

528589

6.50%,

3/15/2031

4,958

5,203

Pool#

508473

7.50%,

4/15/2031

1,738

1,755

Pool#

544470

8.00%,

4/15/2031

682

681

Pool#

781287

7.00%,

5/15/2031

1,090

1,132

Pool#

781319

7.00%,

7/15/2031

356

378

Pool#

485879

7.00%,

8/15/2031

818

828

Pool#

572554

6.50%,

9/15/2031

16,118

16,733

Pool#

781328

7.00%,

9/15/2031

1,041

1,091

Pool#

550991

6.50%,

10/15/2031

269

280

Pool#

571267

7.00%,

10/15/2031

147

148

Pool#

555171

6.50%,

12/15/2031

660

682

Pool#

781380

7.50%,

12/15/2031

344

369

Pool#

781481

7.50%,

1/15/2032

1,631

1,734

Pool#

580972

6.50%,

2/15/2032

88

91

Pool#

781401

7.50%,

2/15/2032

1,139

1,219

Pool#

781916

6.50%,

3/15/2032

11,464

11,870

Pool#

552474

7.00%,

3/15/2032

2,093

2,150

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781478

7.50%,

3/15/2032

661

698

Pool#

781429

8.00%,

3/15/2032

1,203

1,278

Pool#

781431

7.00%,

4/15/2032

4,329

4,576

Pool#

552616

7.00%,

6/15/2032

16,446

16,842

Pool#

570022

7.00%,

7/15/2032

7,181

7,415

Pool#

595077

6.00%,

10/15/2032

2,290

2,387

Pool#

552903

6.50%,

11/15/2032

26,625

27,540

Pool#

552952

6.00%,

12/15/2032

1,499

1,541

Pool#

602102

6.00%,

2/15/2033

8,160

8,478

Pool#

588192

6.00%,

2/15/2033

1,675

1,724

Pool#

553144

5.50%,

4/15/2033

5,646

5,773

Pool#

604243

6.00%,

4/15/2033

2,828

2,960

Pool#

611526

6.00%,

5/15/2033

4,533

4,699

Pool#

553320

6.00%,

6/15/2033

8,769

9,055

Pool#

604788

6.50%,

11/15/2033

28,637

29,873

Pool#

781688

6.00%,

12/15/2033

11,804

12,356

Pool#

604875

6.00%,

12/15/2033

10,511

10,953

Pool#

781690

6.00%,

12/15/2033

4,320

4,522

Pool#

781699

7.00%,

12/15/2033

1,319

1,343

Pool#

621856

6.00%,

1/15/2034

5,195

5,361

Pool#

564799

6.00%,

3/15/2034

3,921

4,066

Pool#

630038

6.50%,

8/15/2034

18,404

19,176

Pool#

781804

6.00%,

9/15/2034

11,830

12,371

Pool#

781847

6.00%,

12/15/2034

8,707

9,105

Pool#

486921

5.50%,

2/15/2035

3,055

3,150

Pool#

781902

6.00%,

2/15/2035

11,857

12,398

Pool#

649510

5.50%,

10/15/2035

36,384

37,695

Pool#

652207

5.50%,

3/15/2036

25,462

26,160

Pool#

655519

5.00%,

5/15/2036

11,879

12,111

Pool#

652539

5.00%,

5/15/2036

4,085

4,100

Pool#

606308

5.50%,

5/15/2036

4,193

4,323

28

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

656666

6.00%,

6/15/2036

9,794

10,184

Pool#

657912

6.50%,

8/15/2036

1,975

2,045

Pool#

704630

5.50%,

7/15/2039

10,274

10,556

Pool#

757038

4.00%,

12/15/2040

103,937

100,191

Pool#

757039

4.00%,

12/15/2040

102,289

98,098

Pool#

755656

4.00%,

12/15/2040

35,948

34,829

Pool#

757044

4.00%,

12/15/2040

32,864

31,745

Pool#

742235

4.00%,

12/15/2040

28,533

27,505

Pool#

755655

4.00%,

12/15/2040

21,927

21,245

Pool#

757043

4.00%,

12/15/2040

15,751

15,183

Pool#

756631

4.00%,

12/15/2040

11,124

10,778

Pool#

755959

4.00%,

1/15/2041

77,868

75,446

Pool#

742244

4.00%,

1/15/2041

66,011

63,632

Pool#

753826

4.00%,

1/15/2041

35,629

34,346

Pool#

690662

4.00%,

1/15/2041

22,000

21,207

Pool#

719486

4.00%,

1/15/2041

6,883

6,601

Pool#

757555

4.00%,

2/15/2041

15,089

14,620

Pool#

757557

4.00%,

2/15/2041

7,407

7,177

Pool#

AD6012

3.50%,

4/15/2043

201,901

191,005

Pool#

AA6307

3.50%,

4/15/2043

61,899

58,464

Pool#

AA6403

3.00%,

5/15/2043

279,186

255,037

Pool#

783781

3.50%,

6/15/2043

65,311

61,514

Pool#

784015

3.00%,

7/15/2043

15,747

14,385

Pool#

784714

3.00%,

1/15/2044

83,888

76,632

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

60,880

62,875

Pool#

4559

5.00%,

10/20/2039

84,102

85,516

Pool#

737727

4.00%,

12/20/2040

348,508

337,453

Pool#

737730

4.00%,

12/20/2040

101,027

97,822

Pool#

4923

4.50%,

1/20/2041

57,283

57,168

Pool#

4978

4.50%,

3/20/2041

8,040

8,024

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

5017

4.50%,

4/20/2041

82,693

82,526

Pool#

5082

4.50%,

6/20/2041

147,287

146,989

Pool#

675523

3.50%,

3/20/2042

133,161

123,396

Pool#

MA0462

3.50%,

10/20/2042

213,416

200,811

Pool#

MA0625

3.50%,

12/20/2042

163,334

153,703

Pool#

MA0698

3.00%,

1/20/2043

138,037

125,606

Pool#

AF1001

3.50%,

6/20/2043

108,551

100,722

Pool#

AJ9335

3.50%,

10/20/2044

7,662

7,106

Pool#

MA2754

3.50%,

4/20/2045

78,366

73,419

Pool#

MA2824

2.50%,

5/20/2045

116,805

102,674

Pool#

MA2825

3.00%,

5/20/2045

162,864

147,939

Pool#

MA2891

3.00%,

6/20/2045

428,355

389,608

Pool#

MA2892

3.50%,

6/20/2045

35,838

33,494

Pool#

MA2960

3.00%,

7/20/2045

141,019

127,994

Pool#

MA3172

3.00%,

10/20/2045

50,268

45,589

Pool#

MA3173

3.50%,

10/20/2045

3,074

2,872

Pool#

MA3243

3.00%,

11/20/2045

45,046

40,906

Pool#

MA3244

3.50%,

11/20/2045

58,164

54,352

Pool#

784098

3.00%,

12/20/2045

234,444

212,691

Pool#

784119

3.00%,

2/20/2046

186,875

169,536

Pool#

MA3520

3.00%,

3/20/2046

157,314

142,661

Pool#

MA3521

3.50%,

3/20/2046

132,448

123,754

Pool#

MA3735

3.00%,

6/20/2046

151,114

136,757

Pool#

MA3876

4.50%,

8/20/2046

5,197

5,193

Pool#

MA3939

4.50%,

9/20/2046

3,110

3,046

Pool#

MA4125

2.50%,

12/20/2046

44,615

39,090

Pool#

MA4126

3.00%,

12/20/2046

524,528

473,287

Pool#

MA4194

2.50%,

1/20/2047

111,881

97,947

Pool#

MA4196

3.50%,

1/20/2047

15,102

14,085

Pool#

MA4264

4.50%,

2/20/2047

5,565

5,540

Pool#

MA4321

3.50%,

3/20/2047

194,672

181,810

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

AZ1974

3.50%,

4/20/2047

78,268

72,898

Pool#

MA4384

4.50%,

4/20/2047

4,785

4,754

Pool#

MA4512

4.50%,

6/20/2047

13,735

13,572

Pool#

MA4652

3.50%,

8/20/2047

54,622

50,975

Pool#

MA4836

3.00%,

11/20/2047

84,519

76,400

Pool#

784421

3.50%,

12/20/2047

183,535

171,130

Pool#

MA4900

3.50%,

12/20/2047

119,269

111,462

Pool#

MA4962

3.50%,

1/20/2048

3,762

3,505

Pool#

784480

3.50%,

4/20/2048

45,634

42,594

Pool#

784481

3.50%,

4/20/2048

8,904

8,289

Pool#

MA5191

3.50%,

5/20/2048

117,585

109,706

Pool#

MA5331

4.50%,

7/20/2048

36,136

35,630

Pool#

MA5465

3.50%,

9/20/2048

13,902

12,969

Pool#

BK2856

4.50%,

12/20/2048

4,259

4,145

Pool#

MA5818

4.50%,

3/20/2049

693,482

683,556

Pool#

MA6092

4.50%,

8/20/2049

21,610

21,192

Pool#

MA6409

3.00%,

1/20/2050

200,194

180,257

Pool#

MA6764

2.00%,

7/20/2050

54,535

45,520

Pool#

MA6818

2.00%,

8/20/2050

440,774

367,378

Pool#

BW4732

2.50%,

8/20/2050

347,284

289,870

Pool#

BW6206

2.50%,

8/20/2050

332,417

277,460

Pool#

BW4741

2.50%,

9/20/2050

340,959

284,590

Pool#

MA7051

2.00%,

12/20/2050

342,086

285,073

Pool#

MA7311

2.00%,

4/20/2051

1,531,648

1,276,487

Pool#

MA7472

2.50%,

7/20/2051

602,994

521,716

Pool#

MA7767

2.50%,

12/20/2051

107,708

93,128

Pool#

MA7936

2.50%,

3/20/2052

1,209,705

1,045,618

Pool#

MA7987

2.50%,

4/20/2052

270,431

233,861

Pool#

MA8197

2.50%,

8/20/2052

613,415

530,463

Pool#

MA8201

4.50%,

8/20/2052

69,761

67,955

Pool#

MA8491

5.50%,

12/20/2052

119,694

120,544

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8800

5.00%,

4/20/2053

455,405

452,337

Pool#

MA8948

5.50%,

6/20/2053

191,682

192,929

Pool#

786798

5.50%,

7/20/2053

66,626

67,491

Pool#

MA9172

6.00%,

9/20/2053

130,802

132,833

Pool#

MA9242

6.00%,

10/20/2053

199,673

202,774

Pool#

MA9307

6.50%,

11/20/2053

19,907

20,359

GNMA

TBA

2.00%,

2/15/2054

1,750,000

1,457,212

2.50%,

2/15/2054

600,000

518,705

3.50%,

2/15/2054

425,000

392,028

4.00%,

2/15/2054

925,000

878,729

4.50%,

2/15/2054

875,000

851,877

5.00%,

2/15/2054

900,000

894,016

5.50%,

2/15/2054

350,000

352,239

6.00%,

2/15/2054

350,000

355,338

6.50%,

2/15/2054

225,000

229,971

Total

Mortgage-Backed

Securities

(cost

$83,659,992)

75,441,296

Municipal

Bonds

0

.8

%

California

0

.2

%

Bay

Area

Toll

Authority,

RB,

Series

S,

6.91%,

10/1/2050

25,000

31,187

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

100,000

118,609

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

100,000

113,122

Regents

of

the

University

of

California

Medical

Center

Pooled,

RB,

Series

2020

SER

N,

3.01%,

5/15/2050

115,000

80,122

State

of

California,

GO,

7.63%,

3/1/2040

100,000

125,749

University

of

California

Series

AX,

3.06%,

7/1/2025

50,000

48,933

Series

R,

5.77%,

5/15/2043

50,000

53,169

570,891

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

44,000

49,684

Illinois

0

.1

%

Chicago

O'Hare

International

Airport,

RB,

Series

C,

4.57%,

1/1/2054

35,000

32,656

State

of

Illinois,

GO,

5.10%,

6/1/2033

185,000

183,760

216,416

30

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Louisiana

0

.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Auth,

RB,

5.20%,

12/1/2039

60,000

61,994

Nebraska

0

.0

%

†

University

of

Nebraska

Facilities

Corp.

(The),

RB,

Series

A,

3.04%,

10/1/2049

55,000

41,660

New

Jersey

0

.1

%

New

Jersey

Economic

Development

Authority,

RB,

Series

A,

7.43%,

2/15/2029

150,000

162,180

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

115,000

143,042

305,222

New

York

0

.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

5.18%,

11/15/2049

25,000

24,117

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

CC,

5.88%,

6/15/2044

25,000

27,701

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

RB,

Series

B,

5.57%,

11/1/2038

100,000

104,278

New

York

State

Thruway

Authority,

RB,

Series

M,

2.90%,

1/1/2035

50,000

42,932

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

100,000

108,412

307,440

Ohio

0

.1

%

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

99,999

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

100,000

99,427

199,426

Texas

0

.2

%

Dallas

Fort

Worth

International

Airport,

RB,

Series

A,

2.99%,

11/1/2038

50,000

42,022

Dallas

Independent

School

District,

GO,

Series

C,

6.45%,

2/15/2035

150,000

151,213

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

25,000

18,569

State

of

Texas,

GO,

Series

A,

5.52%,

4/1/2039

50,000

53,469

Municipal

Bonds

Principal

Amount

($)

Value

($)

Texas

Texas

Natural

Gas

Securitization

Finance

Corp.

Series

A,

5.10%,

4/1/2035

15,000

15,320

Series

A,

5.17%,

4/1/2041

15,000

15,620

Texas

Transportation

Commission

State

Highway

Fund,

RB,

5.18%,

4/1/2030

100,000

102,780

398,993

Wisconsin

0

.0

%

†

State

of

Wisconsin,

RB,

Series

C,

3.15%,

5/1/2027

20,000

19,271

Total

Municipal

Bonds

(cost

$2,260,314)

2,170,997

Supranational

1

.1

%

African

Development

Bank,

4.38%,

3/14/2028

200,000

202,351

Asian

Development

Bank

2.50%,

11/2/2027

250,000

236,485

2.75%,

1/19/2028

200,000

190,566

4.50%,

8/25/2028

210,000

214,265

3.13%,

9/26/2028

75,000

72,127

Asian

Infrastructure

Investment

Bank

(The),

4.00%,

1/18/2028

100,000

99,534

European

Investment

Bank

1.63%,

3/14/2025

200,000

193,436

0.38%,

3/26/2026

100,000

92,161

3.63%,

7/15/2030

80,000

78,277

3.75%,

2/14/2033

200,000

195,114

Inter-American

Development

Bank

4.00%,

1/12/2028

300,000

299,463

1.13%,

1/13/2031

50,000

41,223

3.50%,

4/12/2033

200,000

190,303

International

Bank

for

Reconstruction

&

Development

0.63%,

4/22/2025

500,000

476,435

2.50%,

7/29/2025

250,000

242,792

4.63%,

8/1/2028

260,000

266,478

1.75%,

10/23/2029

250,000

221,069

Total

Supranational

(cost

$3,427,336)

3,312,079

U.S.

Government

Agency

Securities

0

.8

%

FHLB

3.13%,

6/13/2025

475,000

466,621

5.50%,

7/15/2036

200,000

221,176

FHLMC

0.38%,

7/21/2025

65,000

61,378

6.75%,

3/15/2031

200,000

233,125

6.25%,

7/15/2032(b)

165,000

190,811

FNMA

2.63%,

9/6/2024

200,000

197,072

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

31

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FNMA

0.50%,

6/17/2025

500,000

473,760

6.25%,

5/15/2029

100,000

111,034

7.25%,

5/15/2030(b)

200,000

235,645

0.88%,

8/5/2030

80,000

65,460

Tennessee

Valley

Authority,

4.88%,

1/15/2048

100,000

102,142

Total

U.S.

Government

Agency

Securities

(cost

$2,434,781)

2,358,224

U.S.

Treasury

Obligations

41

.2

%

U.S.

Treasury

Bonds

6.00%,

2/15/2026

444,500

460,075

5.50%,

8/15/2028

(b)

300,000

320,180

5.25%,

11/15/2028

500,000

529,297

4.50%,

2/15/2036

(b)

400,000

423,672

4.75%,

2/15/2037

400,000

433,109

4.50%,

5/15/2038

500,000

524,629

4.50%,

8/15/2039

185,000

193,000

4.38%,

11/15/2039

480,000

493,013

1.13%,

5/15/2040

500,000

317,363

4.38%,

5/15/2040

200,000

204,531

3.88%,

8/15/2040

400,000

384,250

1.38%,

11/15/2040

600,000

391,969

4.25%,

11/15/2040

200,000

201,008

1.88%,

2/15/2041

500,000

353,965

1.75%,

8/15/2041

500,000

343,184

3.75%,

8/15/2041

150,000

140,648

2.00%,

11/15/2041

250,000

178,535

3.13%,

11/15/2041

300,000

256,945

2.38%,

2/15/2042

100,000

75,672

3.13%,

2/15/2042

80,000

68,306

3.25%,

5/15/2042

300,000

259,770

2.75%,

8/15/2042

500,000

400,020

3.38%,

8/15/2042

300,000

264,105

2.75%,

11/15/2042

250,000

199,434

4.00%,

11/15/2042

200,000

191,992

3.13%,

2/15/2043

650,000

548,920

3.88%,

2/15/2043

800,000

753,094

2.88%,

5/15/2043

700,000

566,945

3.88%,

5/15/2043

400,000

376,375

3.63%,

8/15/2043

500,000

453,613

4.38%,

8/15/2043

700,000

705,031

3.75%,

11/15/2043

250,000

230,459

4.75%,

11/15/2043

600,000

635,156

3.63%,

2/15/2044

500,000

452,266

3.13%,

8/15/2044

400,000

333,828

3.00%,

11/15/2044

350,000

285,510

3.00%,

5/15/2045

400,000

324,891

2.50%,

2/15/2046

400,000

294,484

2.50%,

5/15/2046

400,000

293,875

2.25%,

8/15/2046

300,000

209,098

2.88%,

11/15/2046

275,000

215,961

3.00%,

2/15/2047

400,000

320,687

3.00%,

5/15/2047

400,000

320,156

2.75%,

8/15/2047

350,000

266,902

3.00%,

2/15/2048

500,000

398,398

3.00%,

8/15/2048

350,000

278,510

3.38%,

11/15/2048

500,000

425,547

3.00%,

2/15/2049

400,000

317,781

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

2.88%,

5/15/2049

400,000

310,219

2.25%,

8/15/2049

500,000

339,727

2.38%,

11/15/2049

450,000

314,156

2.00%,

2/15/2050

500,000

319,199

1.25%,

5/15/2050

800,000

416,469

1.38%,

8/15/2050

700,000

376,633

1.63%,

11/15/2050

250,000

143,955

1.88%,

2/15/2051

950,000

583,062

2.38%,

5/15/2051

900,000

622,898

2.00%,

8/15/2051

700,000

442,258

1.88%,

11/15/2051

830,000

507,175

2.25%,

2/15/2052

800,000

536,969

2.88%,

5/15/2052

640,000

494,425

3.00%,

8/15/2052

600,000

475,805

4.00%,

11/15/2052

750,000

720,586

3.63%,

2/15/2053

1,150,000

1,032,484

3.63%,

5/15/2053

800,000

718,875

4.13%,

8/15/2053

700,000

688,297

4.75%,

11/15/2053

500,000

545,938

U.S.

Treasury

Notes

4.13%,

1/31/2025

300,000

298,242

2.00%,

2/15/2025

500,000

486,172

0.50%,

3/31/2025

700,000

667,816

2.63%,

3/31/2025

700,000

684,441

2.63%,

4/15/2025

300,000

293,133

0.38%,

4/30/2025

500,000

474,863

3.88%,

4/30/2025

2,700,000

2,677,852

2.13%,

5/15/2025

600,000

582,234

2.75%,

5/15/2025

500,000

489,062

0.25%,

5/31/2025

500,000

472,715

0.25%,

6/30/2025

500,000

471,504

2.75%,

6/30/2025

550,000

537,432

3.00%,

7/15/2025

700,000

686,027

2.88%,

7/31/2025

750,000

733,418

4.75%,

7/31/2025

1,400,000

1,406,563

2.00%,

8/15/2025

500,000

482,402

0.25%,

8/31/2025

1,000,000

937,383

5.00%,

8/31/2025

1,000,000

1,009,258

3.50%,

9/15/2025

600,000

591,937

0.25%,

9/30/2025

600,000

561,047

4.25%,

10/15/2025

1,000,000

998,750

3.00%,

10/31/2025

800,000

782,500

5.00%,

10/31/2025

1,000,000

1,011,367

2.25%,

11/15/2025

1,500,000

1,447,734

0.38%,

11/30/2025

1,300,000

1,211,641

4.00%,

12/15/2025

900,000

895,676

0.38%,

12/31/2025

1,200,000

1,115,719

3.88%,

1/15/2026

2,000,000

1,986,562

0.38%,

1/31/2026

1,000,000

927,031

2.63%,

1/31/2026

(b)

750,000

727,471

1.63%,

2/15/2026

400,000

380,000

4.00%,

2/15/2026

500,000

497,930

4.63%,

3/15/2026

800,000

806,906

0.75%,

3/31/2026

500,000

465,254

3.75%,

4/15/2026

500,000

495,684

4.13%,

6/15/2026

800,000

800,188

0.63%,

7/31/2026

1,000,000

918,672

1.50%,

8/15/2026

400,000

375,297

0.75%,

8/31/2026

1,000,000

919,531

1.38%,

8/31/2026

1,000,000

934,570

4.63%,

9/15/2026

600,000

608,203

1.63%,

9/30/2026

1,000,000

939,687

32

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.63%,

10/15/2026

700,000

710,145

1.63%,

10/31/2026

1,000,000

937,852

2.00%,

11/15/2026

800,000

757,469

1.25%,

12/31/2026

700,000

647,746

4.00%,

1/15/2027

500,000

499,883

1.50%,

1/31/2027

800,000

744,125

2.25%,

2/15/2027

800,000

760,281

1.13%,

2/28/2027

(b)

500,000

458,984

1.88%,

2/28/2027

700,000

657,371

0.63%,

3/31/2027

500,000

450,547

2.50%,

3/31/2027

600,000

573,937

0.50%,

4/30/2027

500,000

447,559

2.75%,

4/30/2027

450,000

433,318

2.38%,

5/15/2027

500,000

475,547

2.63%,

5/31/2027

700,000

670,824

2.75%,

7/31/2027

300,000

288,258

2.25%,

8/15/2027

500,000

472,129

0.50%,

8/31/2027

500,000

443,047

3.13%,

8/31/2027

700,000

680,777

0.38%,

9/30/2027

500,000

439,805

4.13%,

9/30/2027

700,000

704,266

0.50%,

10/31/2027

500,000

440,684

4.13%,

10/31/2027

500,000

503,125

2.25%,

11/15/2027

870,000

818,921

0.63%,

11/30/2027

250,000

220,898

3.88%,

11/30/2027

430,000

428,975

0.63%,

12/31/2027

500,000

440,645

3.88%,

12/31/2027

800,000

798,437

0.75%,

1/31/2028

500,000

441,875

3.50%,

1/31/2028

1,300,000

1,279,840

2.75%,

2/15/2028

1,000,000

956,484

1.13%,

2/29/2028

700,000

627,102

4.00%,

2/29/2028

300,000

300,855

1.25%,

3/31/2028

500,000

449,336

3.63%,

3/31/2028

600,000

593,438

1.25%,

4/30/2028

700,000

627,648

3.50%,

4/30/2028

1,300,000

1,279,129

2.88%,

5/15/2028

1,000,000

959,531

1.25%,

5/31/2028

700,000

626,637

3.63%,

5/31/2028

350,000

346,172

1.25%,

6/30/2028

700,000

625,488

4.00%,

6/30/2028

750,000

753,018

1.00%,

7/31/2028

1,000,000

881,562

4.13%,

7/31/2028

700,000

706,645

2.88%,

8/15/2028

1,000,000

957,852

4.38%,

8/31/2028

400,000

408,078

1.25%,

9/30/2028

500,000

444,121

4.63%,

9/30/2028

500,000

515,430

1.38%,

10/31/2028

500,000

445,918

4.88%,

10/31/2028

300,000

312,656

1.50%,

11/30/2028

500,000

447,832

3.75%,

12/31/2028

700,000

696,008

1.75%,

1/31/2029

500,000

451,895

4.00%,

1/31/2029

400,000

402,406

2.63%,

2/15/2029

457,000

430,615

2.38%,

3/31/2029

400,000

371,781

2.88%,

4/30/2029

350,000

333,129

2.38%,

5/15/2029

100,000

92,828

2.75%,

5/31/2029

500,000

472,539

3.25%,

6/30/2029

400,000

387,328

2.63%,

7/31/2029

200,000

187,445

1.63%,

8/15/2029

500,000

445,234

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.13%,

8/31/2029

400,000

384,344

3.88%,

9/30/2029

300,000

299,367

4.00%,

10/31/2029

300,000

301,289

1.75%,

11/15/2029

(b)

250,000

223,369

3.88%,

11/30/2029

850,000

848,273

3.88%,

12/31/2029

700,000

698,441

3.50%,

1/31/2030

650,000

635,604

1.50%,

2/15/2030

700,000

610,121

4.00%,

2/28/2030

350,000

351,518

3.63%,

3/31/2030

400,000

393,563

3.50%,

4/30/2030

700,000

683,813

0.63%,

5/15/2030

700,000

572,715

3.75%,

5/31/2030

300,000

297,117

3.75%,

6/30/2030

900,000

891,387

4.00%,

7/31/2030

550,000

552,471

0.63%,

8/15/2030

950,000

770,873

4.13%,

8/31/2030

400,000

404,563

4.63%,

9/30/2030

500,000

520,332

4.88%,

10/31/2030

800,000

844,500

0.88%,

11/15/2030

800,000

657,469

4.38%,

11/30/2030

600,000

615,938

3.75%,

12/31/2030

400,000

395,938

1.13%,

2/15/2031

1,200,000

1,001,109

1.63%,

5/15/2031

1,100,000

942,734

1.25%,

8/15/2031

500,000

413,828

1.38%,

11/15/2031

1,200,000

996,094

1.88%,

2/15/2032

800,000

687,219

2.88%,

5/15/2032

1,000,000

924,844

2.75%,

8/15/2032

1,100,000

1,004,910

4.13%,

11/15/2032

750,000

759,844

3.50%,

2/15/2033

1,050,000

1,014,275

3.38%,

5/15/2033

1,000,000

955,781

3.88%,

8/15/2033

900,000

894,656

4.50%,

11/15/2033

1,300,000

1,357,484

Total

U.S.

Treasury

Obligations

(cost

$127,256,422)

118,064,356

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreement

0

.9

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,471,242,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$2,520,666.

(f)

2,470,877

2,470,877

Total

Repurchase

Agreement

(cost

$2,470,877)

2,470,877

Total

Investments

(cost

$308,707,868)

—

99.5%

285,142,404

Other

assets

in

excess

of

liabilities

—

0.5%

1,374,261

NET

ASSETS

—

100.0%

$

286,516,665

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$5,535,347,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,470,877

and

by

$3,199,789

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$5,670,666.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

January

31,

2024.

(d)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$374,301

which

represents

0.13%

of

net

assets.

(e)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

January

31,

2024.

(f)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$2,470,877.

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Bond

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Nationwide

Bond

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

740,004

$

–

$

740,004

Commercial

Mortgage-Backed

Securities

–

4,586,862

–

4,586,862

Corporate

Bonds

–

72,156,600

–

72,156,600

Foreign

Government

Securities

–

3,841,109

–

3,841,109

Mortgage-Backed

Securities

–

75,441,296

–

75,441,296

Municipal

Bonds

–

2,170,997

–

2,170,997

Repurchase

Agreement

–

2,470,877

–

2,470,877

Supranational

–

3,312,079

–

3,312,079

U.S.

Government

Agency

Securities

–

2,358,224

–

2,358,224

U.S.

Treasury

Obligations

–

118,064,356

–

118,064,356

Total

$

–

$

285,142,404

$

–

$

285,142,404

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

36

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

98.8%

Shares

Value

($)

AUSTRALIA

7.7%

Banks

1.9%

ANZ

Group

Holdings

Ltd.(a)

175,605

3,116,626

Commonwealth

Bank

of

Australia(a)

97,942

7,504,718

National

Australia

Bank

Ltd.

183,448

3,892,026

Westpac

Banking

Corp.

205,043

3,231,914

17,745,284

Beverages

0.0%

†

Treasury

Wine

Estates

Ltd.

50,274

352,785

Broadline

Retail

0.3%

Wesfarmers

Ltd.

66,292

2,522,196

Capital

Markets

0.3%

ASX

Ltd.

10,883

465,847

Macquarie

Group

Ltd.(a)

21,454

2,675,967

3,141,814

Chemicals

0.0%

†

Orica

Ltd.

25,358

267,780

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

83,306

797,011

Consumer

Staples

Distribution

&

Retail

0.3%

Coles

Group

Ltd.

75,236

780,554

Endeavour

Group

Ltd.(a)

78,253

286,548

Woolworths

Group

Ltd.

71,211

1,671,613

2,738,715

Diversified

Consumer

Services

0.0%

†

IDP

Education

Ltd.(a)

14,133

180,797

Diversified

REITs

0.1%

GPT

Group

(The)

119,319

361,628

Mirvac

Group

235,719

332,615

Stockland

131,867

393,249

1,087,492

Diversified

Telecommunication

Services

0.1%

Telstra

Group

Ltd.

245,192

646,390

Electric

Utilities

0.1%

Origin

Energy

Ltd.

104,817

586,677

Financial

Services

0.0%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.

14,097

316,459

Gas

Utilities

0.0%

†

APA

Group

78,033

433,532

Ground

Transportation

0.0%

†

Aurizon

Holdings

Ltd.

114,500

282,847

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

3,956

784,797

Health

Care

Providers

&

Services

0.1%

EBOS

Group

Ltd.

8,987

205,794

Ramsay

Health

Care

Ltd.

10,306

344,432

Sonic

Healthcare

Ltd.

25,143

525,435

1,075,661

Hotels,

Restaurants

&

Leisure

0.4%

Aristocrat

Leisure

Ltd.

34,781

1,002,445

Flutter

Entertainment

plc*∞

10,318

2,028,863

Lottery

Corp.

Ltd.

(The)

123,456

407,961

3,439,269

Industrial

REITs

0.2%

Goodman

Group

99,119

1,641,807

Common

Stocks

Shares

Value

($)

AUSTRALIA

Insurance

0.3%

Insurance

Australia

Group

Ltd.(a)

137,193

540,490

Medibank

Pvt

Ltd.

154,813

389,193

QBE

Insurance

Group

Ltd.

88,442

919,214

Suncorp

Group

Ltd.

76,331

708,145

2,557,042

Interactive

Media

&

Services

0.1%

CAR

Group

Ltd.

20,994

450,632

REA

Group

Ltd.

3,275

390,139

SEEK

Ltd.

20,025

329,025

1,169,796

Metals

&

Mining

2.4%

BHP

Group

Ltd.(a)

296,038

9,101,016

BlueScope

Steel

Ltd.

25,609

393,570

Fortescue

Ltd.

98,951

1,922,575

Glencore

plc

615,434

3,274,721

IGO

Ltd.

42,019

204,250

Mineral

Resources

Ltd.

10,719

414,270

Northern

Star

Resources

Ltd.

64,364

550,247

Pilbara

Minerals

Ltd.(a)

170,838

389,050

Rio

Tinto

Ltd.

21,691

1,882,196

Rio

Tinto

plc

65,787

4,587,123

South32

Ltd.

255,515

562,582

23,281,600

Office

REITs

0.0%

†

Dexus

66,686

338,335

Oil,

Gas

&

Consumable

Fuels

0.4%

Ampol

Ltd.

14,253

339,303

Santos

Ltd.

192,381

986,284

Woodside

Energy

Group

Ltd.

110,948

2,324,759

3,650,346

Passenger

Airlines

0.0%

†

Qantas

Airways

Ltd.*

56,250

203,441

Professional

Services

0.1%

Computershare

Ltd.

32,241

537,077

Retail

REITs

0.1%

Scentre

Group

311,986

619,276

Vicinity

Ltd.

217,516

289,973

909,249

Software

0.1%

WiseTech

Global

Ltd.

10,282

483,892

Trading

Companies

&

Distributors

0.0%

†

Reece

Ltd.

12,296

181,455

Transportation

Infrastructure

0.2%

Transurban

Group

180,003

1,584,929

72,938,475

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

19,329

836,363

Electric

Utilities

0.0%

†

Verbund

AG

4,205

342,324

Metals

&

Mining

0.0%

†

voestalpine

AG

6,995

206,522

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG

8,898

395,784

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

AUSTRIA

Paper

&

Forest

Products

0.1%

Mondi

plc

24,814

442,752

2,223,745

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV

14,840

967,204

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

50,754

3,140,564

Chemicals

0.1%

Syensqo

SA*

4,166

371,386

Umicore

SA

13,029

296,001

667,387

Distributors

0.0%

†

D'ieteren

Group

1,204

242,471

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

1,562

188,028

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

NV

3,442

261,643

Groupe

Bruxelles

Lambert

NV

1,918

145,052

Sofina

SA

863

205,725

612,420

Food

Products

0.0%

†

Lotus

Bakeries

NV

25

213,148

Industrial

REITs

0.0%

†

Warehouses

De

Pauw

CVA

9,073

264,655

Insurance

0.1%

Ageas

SA/NV

9,920

424,893

Pharmaceuticals

0.1%

UCB

SA

7,107

666,715

7,387,485

BRAZIL

0.0%

†

Chemicals

0.0%

†

Yara

International

ASA

9,859

324,895

BURKINA

FASO

0.0%

†

Metals

&

Mining

0.0%

†

Endeavour

Mining

plc

10,889

193,473

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

22,168

482,126

CHINA

0.4%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

224,600

534,228

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(b)

104,400

163,134

Broadline

Retail

0.3%

Prosus

NV

85,760

2,555,412

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

100,000

82,620

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.0%

†

Wilmar

International

Ltd.

111,358

271,915

Marine

Transportation

0.0%

†

SITC

International

Holdings

Co.

Ltd.

92,000

139,742

Real

Estate

Management

&

Development

0.0%

†

ESR

Group

Ltd.

Reg.

S(a)(b)

126,600

161,594

Wharf

Holdings

Ltd.

(The)

62,644

181,608

343,202

4,090,253

DENMARK

3.5%

Air

Freight

&

Logistics

0.2%

DSV

A/S

10,877

1,944,887

Banks

0.1%

Danske

Bank

A/S

40,495

1,089,588

Beverages

0.1%

Carlsberg

A/S,

Class

B

5,896

758,331

Biotechnology

0.1%

Genmab

A/S*

3,859

1,067,996

Building

Products

0.0%

†

ROCKWOOL

A/S,

Class

B

502

136,934

Chemicals

0.1%

Novozymes

A/S,

Class

B

21,434

1,098,248

Electric

Utilities

0.1%

Orsted

A/S

Reg.

S(b)

10,602

584,520

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S*

59,009

1,652,921

Health

Care

Equipment

&

Supplies

0.1%

Coloplast

A/S,

Class

B

7,681

886,465

Demant

A/S*

6,336

287,218

1,173,683

Insurance

0.0%

†

Tryg

A/S

19,628

419,824

Marine

Transportation

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

191

346,313

AP

Moller

-

Maersk

A/S,

Class

B

273

503,475

849,788

Pharmaceuticals

2.3%

Novo

Nordisk

A/S,

Class

B

190,665

21,775,898

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

5,085

743,527

33,296,145

FINLAND

1.1%

Banks

0.3%

Nordea

Bank

Abp

187,714

2,308,028

Communications

Equipment

0.1%

Nokia

OYJ

312,652

1,129,939

Consumer

Staples

Distribution

&

Retail

0.0%

†

Kesko

OYJ,

Class

B

15,868

308,717

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

8,844

402,256

38

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

FINLAND

Electric

Utilities

0.0%

†

Fortum

OYJ

27,693

377,626

Insurance

0.1%

Sampo

OYJ,

Class

A

26,907

1,127,736

Machinery

0.2%

Kone

OYJ,

Class

B

20,099

994,733

Metso

Oyj

37,280

371,661

Wartsila

OYJ

Abp

26,610

392,327

1,758,721

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

23,782

819,520

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

34,712

439,823

UPM-

Kymmene

OYJ

31,245

1,136,695

1,576,518

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

6,405

295,210

10,104,271

FRANCE

10.2%

Aerospace

&

Defense

1.1%

Airbus

SE

34,635

5,530,977

Dassault

Aviation

SA

1,160

219,999

Safran

SA

19,973

3,740,140

Thales

SA

6,205

907,602

10,398,718

Automobile

Components

0.1%

Cie

Generale

des

Etablissements

Michelin

SCA

39,641

1,320,256

Automobiles

0.1%

Renault

SA

11,817

443,086

Banks

0.7%

BNP

Paribas

SA

61,359

4,125,828

Credit

Agricole

SA

62,643

902,970

Societe

Generale

SA

42,701

1,096,637

6,125,435

Beverages

0.2%

Pernod

Ricard

SA

11,950

1,966,760

Remy

Cointreau

SA

1,288

130,351

2,097,111

Building

Products

0.2%

Cie

de

Saint-Gobain

SA

27,028

1,913,971

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S(b)

3,320

224,678

Chemicals

0.7%

Air

Liquide

SA

30,592

5,734,129

Arkema

SA

3,715

403,561

6,137,690

Construction

&

Engineering

0.5%

Bouygues

SA

10,718

392,785

Eiffage

SA

4,480

467,322

Vinci

SA

29,765

3,765,744

4,625,851

Consumer

Staples

Distribution

&

Retail

0.1%

Carrefour

SA

33,402

570,462

Diversified

REITs

0.0%

†

Covivio

SA

2,567

124,690

Common

Stocks

Shares

Value

($)

FRANCE

Diversified

Telecommunication

Services

0.1%

Orange

SA

108,803

1,293,425

Electrical

Equipment

0.2%

Legrand

SA

15,591

1,516,062

Entertainment

0.0%

†

Bollore

SE

41,474

273,795

Financial

Services

0.1%

Edenred

SE

14,030

840,090

Eurazeo

SE

2,299

195,219

Worldline

SA

Reg.

S*(b)

15,222

206,684

1,241,993

Food

Products

0.3%

Danone

SA

37,624

2,509,069

Health

Care

Equipment

&

Supplies

0.4%

BioMerieux

2,628

282,786

EssilorLuxottica

SA

17,228

3,387,244

3,670,030

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA

12,074

476,422

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

5,601

227,777

Sodexo

SA

4,973

561,755

1,265,954

Household

Durables

0.0%

†

SEB

SA

1,553

190,004

Insurance

0.4%

AXA

SA

105,401

3,548,482

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

20,569

221,056

IT

Services

0.2%

Capgemini

SE

9,159

2,050,321

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

1,732

466,868

Machinery

0.0%

†

Alstom

SA(a)

16,099

203,424

Media

0.2%

Publicis

Groupe

SA

13,421

1,347,123

Vivendi

SE

38,065

432,147

1,779,270

Multi-Utilities

0.3%

Engie

SA

106,724

1,703,693

Veolia

Environnement

SA

39,711

1,293,487

2,997,180

Office

REITs

0.0%

†

Gecina

SA

2,516

278,302

Oil,

Gas

&

Consumable

Fuels

0.9%

TotalEnergies

SE

133,653

8,704,557

Personal

Care

Products

0.7%

L'Oreal

SA

14,093

6,758,016

Pharmaceuticals

0.0%

†

Ipsen

SA

2,120

244,428

Professional

Services

0.1%

Bureau

Veritas

SA

18,274

484,354

Teleperformance

SE

3,323

521,385

1,005,739

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

FRANCE

Retail

REITs

0.1%

Klepierre

SA

12,812

330,933

Unibail

-

Rodamco

-Westfield*

6,644

475,256

806,189

Software

0.2%

Dassault

Systemes

SE

39,149

2,040,205

Textiles,

Apparel

&

Luxury

Goods

2.0%

Hermes

International

SCA

1,851

3,907,265

Kering

SA

4,350

1,794,417

LVMH

Moet

Hennessy

Louis

Vuitton

SE

16,132

13,416,994

19,118,676

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

SA

2,168

289,447

Getlink

SE

21,161

364,390

653,837

96,818,830

GERMANY

8.3%

Aerospace

&

Defense

0.2%

MTU

Aero

Engines

AG

3,247

749,872

Rheinmetall

AG

2,599

911,540

1,661,412

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

57,921

2,787,160

Automobile

Components

0.1%

Continental

AG

6,184

508,311

Automobiles

0.9%

Bayerische

Motoren

Werke

AG

18,696

1,950,220

Bayerische

Motoren

Werke

AG

(Preference)

3,575

350,607

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(b)

6,852

584,737

Mercedes-Benz

Group

AG

46,885

3,184,405

Porsche

Automobil

Holding

SE

(Preference)

8,588

432,193

Volkswagen

AG

1,768

251,439

Volkswagen

AG

(Preference)

12,049

1,559,966

8,313,567

Banks

0.1%

Commerzbank

AG

59,899

692,244

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)

113,255

1,473,811

Deutsche

Boerse

AG

11,102

2,215,631

3,689,442

Chemicals

0.5%

BASF

SE

52,230

2,509,490

Covestro

AG

Reg.

S*(b)

11,715

621,123

Evonik

Industries

AG

13,889

258,110

Symrise

AG,

Class

A

7,887

817,729

Wacker

Chemie

AG

941

103,167

4,309,619

Construction

Materials

0.1%

Heidelberg

Materials

AG

8,159

757,187

Consumer

Staples

Distribution

&

Retail

0.0%

†

HelloFresh

SE*(a)

8,722

116,329

Common

Stocks

Shares

Value

($)

GERMANY

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

189,390

4,655,221

Electrical

Equipment

0.1%

Siemens

Energy

AG*

30,782

464,547

Health

Care

Equipment

&

Supplies

0.1%

Carl

Zeiss

Meditec

AG(a)

2,229

237,416

Siemens

Healthineers

AG

Reg.

S(b)

16,671

934,304

1,171,720

Health

Care

Providers

&

Services

0.1%

Fresenius

Medical

Care

AG

12,198

473,704

Fresenius

SE

&

Co.

KGaA

23,746

668,016

1,141,720

Household

Products

0.1%

Henkel

AG

&

Co.

KGaA

5,765

395,403

Henkel

AG

&

Co.

KGaA

(Preference)

10,089

775,947

1,171,350

Independent

Power

and

Renewable

Electricity

Producers

0.1%

RWE

AG

36,945

1,370,653

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

44,408

8,002,213

Insurance

1.1%

Allianz

SE

(Registered)

23,567

6,310,223

Hannover

Rueck

SE

3,390

812,826

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Registered)

7,974

3,395,270

Talanx

AG

3,560

250,618

10,768,937

Interactive

Media

&

Services

0.0%

†

Scout24

SE

Reg.

S(b)

4,491

332,698

IT

Services

0.0%

†

Bechtle

AG

4,502

235,053

Life

Sciences

Tools

&

Services

0.1%

Sartorius

AG

(Preference)

1,473

542,655

Machinery

0.2%

Daimler

Truck

Holding

AG

31,362

1,127,279

GEA

Group

AG

9,609

386,288

Knorr-

Bremse

AG

4,191

259,287

Rational

AG

331

255,399

2,028,253

Multi-Utilities

0.2%

E.ON

SE

131,187

1,780,652

Passenger

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

37,563

314,132

Personal

Care

Products

0.1%

Beiersdorf

AG

5,995

880,722

Pharmaceuticals

0.3%

Bayer

AG

(Registered)

57,405

1,786,989

Merck

KGaA

7,552

1,243,803

3,030,792

Real

Estate

Management

&

Development

0.2%

LEG

Immobilien

SE*

4,166

347,896

40

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Real

Estate

Management

&

Development

Vonovia

SE

42,841

1,341,234

1,689,130

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

76,308

2,782,550

Software

1.1%

Nemetschek

SE

3,192

296,730

SAP

SE

61,000

10,615,815

10,912,545

Specialty

Retail

0.0%

†

Zalando

SE

Reg.

S*(b)

13,790

278,155

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

9,466

1,801,205

Puma

SE

6,541

266,258

2,067,463

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

8,124

722,112

79,178,544

HONG

KONG

1.8%

Banks

0.1%

Hang

Seng

Bank

Ltd.

46,900

484,230

Capital

Markets

0.2%

Futu

Holdings

Ltd.,

ADR*

2,932

136,983

Hong

Kong

Exchanges

&

Clearing

Ltd.

67,700

2,053,464

2,190,447

Diversified

Telecommunication

Services

0.0%

†

HKT

Trust

&

HKT

Ltd.

225,420

270,733

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

34,500

204,412

CLP

Holdings

Ltd.

96,000

760,986

Power

Assets

Holdings

Ltd.

86,800

507,458

1,472,856

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S(b)

511,243

300,787

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

693,565

492,313

Ground

Transportation

0.0%

†

MTR

Corp.

Ltd.

91,214

294,459

Industrial

Conglomerates

0.0%

†

Jardine

Matheson

Holdings

Ltd.

9,000

354,330

Insurance

0.7%

AIA

Group

Ltd.

669,200

5,203,402

Prudential

plc

160,876

1,657,610

6,861,012

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

77,500

827,935

Real

Estate

Management

&

Development

0.3%

CK

Asset

Holdings

Ltd.

120,386

538,741

Hang

Lung

Properties

Ltd.

106,000

122,585

Henderson

Land

Development

Co.

Ltd.

83,352

217,650

Hongkong

Land

Holdings

Ltd.

54,000

162,000

Common

Stocks

Shares

Value

($)

HONG

KONG

Real

Estate

Management

&

Development

Hongkong

Land

Holdings

Ltd.

12,100

37,690

New

World

Development

Co.

Ltd.

79,707

97,011

Sino

Land

Co.

Ltd.

224,200

232,869

Sun

Hung

Kai

Properties

Ltd.

85,700

793,022

Swire

Pacific

Ltd.,

Class

A

24,000

184,976

Swire

Properties

Ltd.

60,600

112,379

Wharf

Real

Estate

Investment

Co.

Ltd.

101,270

296,590

2,795,513

Retail

REITs

0.1%

Link

REIT

151,301

752,547

17,097,162

IRELAND

0.4%

Banks

0.1%

AIB

Group

plc

91,812

402,537

Bank

of

Ireland

Group

plc

59,398

545,033

947,570

Building

Products

0.1%

Kingspan

Group

plc

9,287

758,112

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc(a)

15,915

589,569

Food

Products

0.1%

Kerry

Group

plc,

Class

A

8,960

795,131

Trading

Companies

&

Distributors

0.1%

AerCap

Holdings

NV*

11,706

896,211

3,986,593

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

1,714

352,452

Banks

0.2%

Bank

Hapoalim

BM

71,202

608,125

Bank

Leumi

Le-Israel

BM

86,028

656,494

Israel

Discount

Bank

Ltd.,

Class

A

64,759

314,177

Mizrahi

Tefahot

Bank

Ltd.

8,781

327,930

1,906,726

Broadline

Retail

0.0%

†

Global-e

Online

Ltd.*

5,977

225,751

Chemicals

0.0%

†

ICL

Group

Ltd.

46,001

209,269

IT

Services

0.1%

Wix.com

Ltd.*

3,034

384,954

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

67,909

821,699

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

2,496

167,839

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

5,575

886,035

Nice

Ltd.*

3,771

783,513

1,669,548

5,738,238

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

ITALY

2.3%

Aerospace

&

Defense

0.0%

†

Leonardo

SpA

16,441

286,738

Automobiles

0.3%

Ferrari

NV

7,350

2,556,982

Banks

0.7%

Banco

BPM

SpA

71,067

382,810

FinecoBank

Banca

Fineco

SpA

34,326

496,102

Intesa

Sanpaolo

SpA

908,058

2,809,442

Mediobanca

Banca

di

Credito

Finanziario

SpA

33,459

444,745

UniCredit

SpA

94,170

2,763,916

6,897,015

Beverages

0.1%

Coca-Cola

HBC

AG

13,713

403,673

Davide

Campari-Milano

NV

29,384

298,038

701,711

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

21,715

263,885

Telecom

Italia

SpA

*(a)

558,474

168,322

432,207

Electric

Utilities

0.4%

Enel

SpA

475,249

3,241,549

Terna

-

Rete

Elettrica

Nazionale

84,624

713,663

3,955,212

Electrical

Equipment

0.1%

Prysmian

SpA

15,671

688,379

Financial

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

33,923

260,527

Gas

Utilities

0.1%

Snam

SpA

113,356

553,137

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

1,108

101,859

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

7,703

250,872

Insurance

0.2%

Assicurazioni

Generali

SpA

59,223

1,324,174

Poste

Italiane

SpA

Reg.

S(b)

32,492

352,054

1,676,228

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

138,084

2,208,583

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

6,519

359,687

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

12,378

762,102

21,691,239

JAPAN

22.9%

Air

Freight

&

Logistics

0.1%

Nippon

Express

Holdings,

Inc.

4,050

241,215

SG

Holdings

Co.

Ltd.

19,400

251,031

Yamato

Holdings

Co.

Ltd.

14,900

257,988

750,234

Common

Stocks

Shares

Value

($)

JAPAN

Automobile

Components

0.4%

Aisin

Corp.

8,700

324,963

Bridgestone

Corp.

33,400

1,451,901

Denso

Corp.

110,500

1,729,375

Koito

Manufacturing

Co.

Ltd.

10,500

161,256

Sumitomo

Electric

Industries

Ltd.

40,200

534,966

4,202,461

Automobiles

2.0%

Honda

Motor

Co.

Ltd.

269,900

3,017,333

Isuzu

Motors

Ltd.

32,300

441,826

Mazda

Motor

Corp.

32,860

398,314

Nissan

Motor

Co.

Ltd.

130,500

513,194

Subaru

Corp.

37,100

744,165

Suzuki

Motor

Corp.

21,800

991,848

Toyota

Motor

Corp.

619,600

12,316,842

Yamaha

Motor

Co.

Ltd.

49,500

468,583

18,892,105

Banks

1.7%

Chiba

Bank

Ltd.

(The)

33,900

252,138

Concordia

Financial

Group

Ltd.

66,600

318,653

Japan

Post

Bank

Co.

Ltd.

85,900

894,787

Mitsubishi

UFJ

Financial

Group,

Inc.

667,184

6,255,704

Mizuho

Financial

Group,

Inc.

140,951

2,561,619

Resona

Holdings,

Inc.

128,901

715,311

Shizuoka

Financial

Group,

Inc.

29,600

271,038

Sumitomo

Mitsui

Financial

Group,

Inc.

74,205

3,866,716

Sumitomo

Mitsui

Trust

Holdings,

Inc.

39,352

809,100

15,945,066

Beverages

0.2%

Asahi

Group

Holdings

Ltd.

28,300

1,052,949

Kirin

Holdings

Co.

Ltd.(a)

43,700

631,608

Suntory

Beverage

&

Food

Ltd.

8,000

262,054

1,946,611

Broadline

Retail

0.1%

Pan

Pacific

International

Holdings

Corp.

22,600

498,816

Rakuten

Group,

Inc.*

81,900

359,615

858,431

Building

Products

0.3%

AGC,

Inc.

10,820

407,694

Daikin

Industries

Ltd.

15,400

2,475,343

TOTO

Ltd.

7,700

208,761

3,091,798

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

80,000

571,942

Japan

Exchange

Group,

Inc.

30,400

673,024

Nomura

Holdings,

Inc.

179,800

930,812

SBI

Holdings,

Inc.

13,770

338,280

2,514,058

Chemicals

0.9%

Asahi

Kasei

Corp.

75,300

573,722

JSR

Corp.(a)

10,500

287,757

Mitsubishi

Chemical

Group

Corp.

72,000

434,709

Mitsui

Chemicals,

Inc.

10,520

310,151

42

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Nippon

Paint

Holdings

Co.

Ltd.

52,500

413,940

Nippon

Sanso

Holdings

Corp.

11,000

278,605

Nissan

Chemical

Corp.

7,500

300,502

Nitto

Denko

Corp.

8,010

663,291

Shin-Etsu

Chemical

Co.

Ltd.

106,400

4,192,821

Sumitomo

Chemical

Co.

Ltd.

84,600

200,321

Toray

Industries,

Inc.

77,400

387,931

Tosoh

Corp.

14,400

185,905

8,229,655

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

12,850

371,826

Secom

Co.

Ltd.

12,500

905,784

TOPPAN

Holdings,

Inc.

13,900

382,798

1,660,408

Construction

&

Engineering

0.1%

Kajima

Corp.

23,800

423,882

Obayashi

Corp.

40,300

372,822

Shimizu

Corp.

30,800

207,291

Taisei

Corp.

10,500

382,821

1,386,816

Consumer

Staples

Distribution

&

Retail

0.3%

Aeon

Co.

Ltd.

36,800

880,631

Kobe

Bussan

Co.

Ltd.

9,700

247,295

MatsukiyoCocokara

&

Co.

21,400

391,002

Seven

&

i

Holdings

Co.

Ltd.

44,000

1,751,695

3,270,623

Diversified

REITs

0.1%

Daiwa

House

REIT

Investment

Corp.

131

231,840

KDX

Realty

Investment

Corp.

258

280,090

Nomura

Real

Estate

Master

Fund,

Inc.

244

267,341

779,271

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

1,746,000

2,204,329

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

36,200

470,661

Kansai

Electric

Power

Co.,

Inc.

(The)

39,600

542,204

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

85,800

456,889

1,469,754

Electrical

Equipment

0.3%

Fuji

Electric

Co.

Ltd.

7,040

352,257

Mitsubishi

Electric

Corp.

112,900

1,662,636

Nidec

Corp.

24,700

924,907

2,939,800

Electronic

Equipment,

Instruments

&

Components

1.2%

Azbil

Corp.

7,300

236,085

Hamamatsu

Photonics

KK

8,700

343,889

Hirose

Electric

Co.

Ltd.

1,865

217,453

Ibiden

Co.

Ltd.

6,600

332,200

Keyence

Corp.

11,372

5,101,220

Kyocera

Corp.

75,600

1,107,842

Murata

Manufacturing

Co.

Ltd.

100,700

2,032,691

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

Omron

Corp.

9,700

435,139

Shimadzu

Corp.

14,800

409,499

TDK

Corp.

23,000

1,143,649

Yokogawa

Electric

Corp.

12,400

243,848

11,603,515

Entertainment

0.5%

Capcom

Co.

Ltd.

10,700

413,520

Koei

Tecmo

Holdings

Co.

Ltd.

7,020

87,300

Konami

Group

Corp.

5,600

344,029

Nexon

Co.

Ltd.

19,200

304,039

Nintendo

Co.

Ltd.

60,700

3,395,318

Square

Enix

Holdings

Co.

Ltd.

5,000

195,420

Toho

Co.

Ltd.

6,700

218,349

4,957,975

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.

45,400

323,312

ORIX

Corp.

68,500

1,318,134

1,641,446

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

26,500

1,087,965

Kikkoman

Corp.

8,300

511,432

MEIJI

Holdings

Co.

Ltd.

13,196

319,924

Nissin

Foods

Holdings

Co.

Ltd.

11,100

360,031

Yakult

Honsha

Co.

Ltd.

15,200

333,310

2,612,662

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

21,080

445,015

Tokyo

Gas

Co.

Ltd.

21,580

496,286

941,301

Ground

Transportation

0.5%

Central

Japan

Railway

Co.

42,400

1,059,621

East

Japan

Railway

Co.

17,890

1,023,531

Hankyu

Hanshin

Holdings,

Inc.

12,900

395,282

Keisei

Electric

Railway

Co.

Ltd.

7,100

321,281

Kintetsu

Group

Holdings

Co.

Ltd.

10,150

313,416

Odakyu

Electric

Railway

Co.

Ltd.

19,150

292,232

Tobu

Railway

Co.

Ltd.

10,600

280,799

Tokyu

Corp.

28,150

330,407

West

Japan

Railway

Co.

12,300

511,767

4,528,336

Health

Care

Equipment

&

Supplies

0.6%

Asahi

Intecc

Co.

Ltd.

13,500

256,523

Hoya

Corp.

20,700

2,625,732

Olympus

Corp.

70,300

1,041,538

Sysmex

Corp.

10,200

550,236

Terumo

Corp.

39,300

1,326,647

5,800,676

Health

Care

Technology

0.0%

†

M3,

Inc.

24,800

391,780

Hotels,

Restaurants

&

Leisure

0.3%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

4,724

210,110

Oriental

Land

Co.

Ltd.

63,800

2,368,229

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

JAPAN

Hotels,

Restaurants

&

Leisure

Zensho

Holdings

Co.

Ltd.

5,800

283,362

2,861,701

Household

Durables

1.0%

Iida

Group

Holdings

Co.

Ltd.

10,100

152,587

Open

House

Group

Co.

Ltd.

3,800

119,733

Panasonic

Holdings

Corp.

129,102

1,213,151

Sekisui

Chemical

Co.

Ltd.

21,800

311,723

Sekisui

House

Ltd.(a)

35,700

805,680

Sharp

Corp.*

16,100

108,220

Sony

Group

Corp.

73,700

7,281,874

9,992,968

Household

Products

0.1%

Unicharm

Corp.

22,700

783,722

Industrial

Conglomerates

0.5%

Hikari

Tsushin,

Inc.

1,100

191,825

Hitachi

Ltd.

54,160

4,254,300

4,446,125

Industrial

REITs

0.1%

GLP

J-REIT

270

241,316

Nippon

Prologis

REIT,

Inc.

137

243,967

485,283

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

54,900

1,209,666

Japan

Post

Holdings

Co.

Ltd.

121,300

1,164,376

Japan

Post

Insurance

Co.

Ltd.

10,800

203,561

MS&AD

Insurance

Group

Holdings,

Inc.

25,255

1,048,283

Sompo

Holdings,

Inc.

16,625

864,135

T&D

Holdings,

Inc.

28,100

469,282

Tokio

Marine

Holdings,

Inc.

105,300

2,789,429

7,748,732

Interactive

Media

&

Services

0.0%

†

LY

Corp.

150,200

465,881

IT

Services

0.5%

Fujitsu

Ltd.

10,310

1,455,832

NEC

Corp.

14,700

959,746

Nomura

Research

Institute

Ltd.

21,654

661,331

NTT

Data

Group

Corp.

38,000

547,136

Obic

Co.

Ltd.

4,000

613,663

Otsuka

Corp.

6,200

260,833

SCSK

Corp.

8,400

165,176

TIS,

Inc.

13,300

296,786

4,960,503

Leisure

Products

0.2%

Bandai

Namco

Holdings,

Inc.

35,847

776,746

Shimano,

Inc.

4,600

662,346

Yamaha

Corp.

7,500

165,863

1,604,955

Machinery

1.1%

Daifuku

Co.

Ltd.

18,800

371,573

FANUC

Corp.

55,700

1,535,127

Hitachi

Construction

Machinery

Co.

Ltd.

7,200

204,574

Hoshizaki

Corp.

5,800

210,958

Komatsu

Ltd.

54,000

1,541,733

Kubota

Corp.

56,900

863,968

Makita

Corp.

12,600

339,657

MINEBEA

MITSUMI,

Inc.

22,300

462,257

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

MISUMI

Group,

Inc.

17,500

301,721

Mitsubishi

Heavy

Industries

Ltd.

18,820

1,256,127

SMC

Corp.

3,300

1,836,455

Toyota

Industries

Corp.

8,800

743,243

Yaskawa

Electric

Corp.

13,500

507,903

10,175,296

Marine

Transportation

0.2%

Kawasaki

Kisen

Kaisha

Ltd.

(a)

7,700

377,116

Mitsui

OSK

Lines

Ltd.

19,300

695,563

Nippon

Yusen

KK

27,520

954,546

2,027,225

Media

0.0%

†

Dentsu

Group,

Inc.

11,161

296,899

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

33,700

533,265

Nippon

Steel

Corp.

50,106

1,208,060

Sumitomo

Metal

Mining

Co.

Ltd.

13,900

383,938

2,125,263

Office

REITs

0.1%

Japan

Real

Estate

Investment

Corp.

72

275,917

Nippon

Building

Fund,

Inc.

90

364,777

640,694

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

173,117

703,256

Idemitsu

Kosan

Co.

Ltd.

54,220

299,350

Inpex

Corp.

54,600

744,771

1,747,377

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

52,600

206,485

Passenger

Airlines

0.0%

†

ANA

Holdings,

Inc.*

9,700

214,683

Japan

Airlines

Co.

Ltd.

7,874

152,229

366,912

Personal

Care

Products

0.2%

Kao

Corp.

27,400

1,088,859

Kose

Corp.

1,800

118,661

Shiseido

Co.

Ltd.

24,100

683,093

1,890,613

Pharmaceuticals

1.2%

Astellas

Pharma,

Inc.

105,700

1,236,402

Chugai

Pharmaceutical

Co.

Ltd.

39,200

1,414,221

Daiichi

Sankyo

Co.

Ltd.

108,100

3,259,601

Eisai

Co.

Ltd.

15,100

714,309

Kyowa

Kirin

Co.

Ltd.

15,800

248,948

Ono

Pharmaceutical

Co.

Ltd.

23,600

425,865

Otsuka

Holdings

Co.

Ltd.

24,500

964,204

Shionogi

&

Co.

Ltd.

15,700

755,135

Takeda

Pharmaceutical

Co.

Ltd.

92,497

2,720,360

11,739,045

Professional

Services

0.4%

BayCurrent

Consulting,

Inc.

7,900

183,082

Recruit

Holdings

Co.

Ltd.

84,200

3,335,150

3,518,232

44

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

0.5%

Daito

Trust

Construction

Co.

Ltd.

3,500

398,324

Daiwa

House

Industry

Co.

Ltd.

34,700

1,071,957

Hulic

Co.

Ltd.

23,600

260,789

Mitsubishi

Estate

Co.

Ltd.

66,800

928,227

Mitsui

Fudosan

Co.

Ltd.

52,000

1,304,180

Nomura

Real

Estate

Holdings,

Inc.

5,900

161,674

Sumitomo

Realty

&

Development

Co.

Ltd.

17,200

540,891

4,666,042

Retail

REITs

0.0%

†

Japan

Metropolitan

Fund

Invest

431

292,301

Semiconductors

&

Semiconductor

Equipment

1.2%

Advantest

Corp.

44,800

1,765,473

Disco

Corp.

5,400

1,450,446

Lasertec

Corp.

4,500

1,196,855

Renesas

Electronics

Corp.*

85,800

1,412,893

Rohm

Co.

Ltd.

18,600

325,578

SUMCO

Corp.

19,400

293,696

Tokyo

Electron

Ltd.

27,600

5,116,981

11,561,922

Software

0.1%

Oracle

Corp.

Japan

2,500

197,009

Trend

Micro,

Inc.*

7,400

421,896

618,905

Specialty

Retail

0.4%

Fast

Retailing

Co.

Ltd.

10,200

2,723,419

Nitori

Holdings

Co.

Ltd.

4,500

584,544

USS

Co.

Ltd.

11,600

219,710

ZOZO,

Inc.

8,800

193,315

3,720,988

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.

14,200

238,064

Canon,

Inc.

58,500

1,620,246

FUJIFILM

Holdings

Corp.

21,800

1,382,063

Ricoh

Co.

Ltd.

34,300

270,443

Seiko

Epson

Corp.

17,300

253,621

3,764,437

Tobacco

0.2%

Japan

Tobacco,

Inc.(a)

70,100

1,847,799

Trading

Companies

&

Distributors

1.4%

ITOCHU

Corp.

69,500

3,158,295

Marubeni

Corp.

84,400

1,440,716

Mitsubishi

Corp.

201,600

3,481,271

Mitsui

&

Co.

Ltd.

75,400

3,054,437

MonotaRO

Co.

Ltd.

12,900

121,701

Sumitomo

Corp.

61,100

1,400,871

Toyota

Tsusho

Corp.

12,700

831,302

13,488,593

Wireless

Telecommunication

Services

0.8%

KDDI

Corp.

87,500

2,895,327

SoftBank

Corp.

167,900

2,231,959

SoftBank

Group

Corp.

60,100

2,598,373

7,725,659

218,389,668

Common

Stocks

Shares

Value

($)

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

9,242

225,548

LUXEMBOURG

0.1%

Life

Sciences

Tools

&

Services

0.0%

†

Eurofins

Scientific

SE

7,575

457,207

Metals

&

Mining

0.1%

ArcelorMittal

SA

30,633

840,115

1,297,322

MACAU

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Galaxy

Entertainment

Group

Ltd.

132,000

685,421

Sands

China

Ltd.*

136,300

357,431

1,042,852

NETHERLANDS

5.7%

Banks

0.4%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

28,216

417,261

ING

Groep

NV

211,496

3,008,244

3,425,505

Beverages

0.2%

Heineken

Holding

NV

7,286

610,190

Heineken

NV

16,829

1,693,739

2,303,929

Biotechnology

0.1%

Argenx

SE*

3,464

1,313,040

Capital

Markets

0.0%

†

Euronext

NV

Reg.

S(b)

5,290

465,777

Chemicals

0.1%

Akzo

Nobel

NV

10,185

779,517

OCI

NV

5,709

163,120

942,637

Consumer

Staples

Distribution

&

Retail

0.2%

Koninklijke

Ahold

Delhaize

NV

56,753

1,594,321

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

194,496

661,654

Entertainment

0.1%

Universal

Music

Group

NV

47,876

1,409,525

Financial

Services

0.2%

Adyen

NV

Reg.

S*(b)

1,268

1,587,333

EXOR

NV

5,488

532,580

2,119,913

Food

Products

0.0%

†

JDE

Peet's

NV(a)

6,656

164,196

Health

Care

Equipment

&

Supplies

0.1%

Koninklijke

Philips

NV*

46,279

988,296

Insurance

0.2%

Aegon

Ltd.

103,116

608,753

ASR

Nederland

NV

8,876

418,996

NN

Group

NV

15,874

650,069

1,677,818

Oil,

Gas

&

Consumable

Fuels

1.3%

Shell

plc

386,491

11,999,370

Professional

Services

0.3%

Randstad

NV

6,205

351,826

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

NETHERLANDS

Professional

Services

Wolters

Kluwer

NV

14,520

2,141,684

2,493,510

Semiconductors

&

Semiconductor

Equipment

2.3%

ASM

International

NV

2,640

1,470,136

ASML

Holding

NV

23,554

20,186,895

BE

Semiconductor

Industries

NV

4,675

706,190

22,363,221

Trading

Companies

&

Distributors

0.1%

IMCD

NV

3,398

517,217

54,439,929

NEW

ZEALAND

0.2%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

103,715

336,461

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

40,253

166,084

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

32,571

471,339

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

70,874

240,357

Software

0.1%

Xero

Ltd.*(a)

8,084

578,456

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.

79,435

409,554

2,202,251

NORWAY

0.6%

Aerospace

&

Defense

0.0%

†

Kongsberg

Gruppen

ASA

5,348

272,931

Banks

0.1%

DNB

Bank

ASA

54,408

1,055,408

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

35,201

390,581

Food

Products

0.1%

Mowi

ASA

24,709

444,285

Orkla

ASA

44,182

346,074

Salmar

ASA

4,144

230,310

1,020,669

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

11,367

183,251

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

80,952

470,196

Oil,

Gas

&

Consumable

Fuels

0.2%

Aker

BP

ASA

19,206

509,343

Equinor

ASA

52,643

1,509,539

2,018,882

5,411,918

PORTUGAL

0.2%

Consumer

Staples

Distribution

&

Retail

0.0%

†

Jeronimo

Martins

SGPS

SA

15,919

362,915

Common

Stocks

Shares

Value

($)

PORTUGAL

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

185,972

829,707

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

27,418

429,999

1,622,621

SINGAPORE

1.5%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

87,800

242,627

Banks

0.6%

DBS

Group

Holdings

Ltd.

105,750

2,503,937

Oversea-Chinese

Banking

Corp.

Ltd.

197,789

1,890,711

United

Overseas

Bank

Ltd.

73,862

1,554,224

5,948,872

Capital

Markets

0.0%

†

Singapore

Exchange

Ltd.

51,300

357,322

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

464,203

825,842

Entertainment

0.1%

Sea

Ltd.,

ADR*

21,320

813,145

Ground

Transportation

0.0%

†

Grab

Holdings

Ltd.,

Class

A*

115,911

355,847

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

334,017

251,072

Industrial

Conglomerates

0.1%

Jardine

Cycle

&

Carriage

Ltd.

6,800

130,842

Keppel

Ltd.

88,400

468,938

599,780

Industrial

REITs

0.1%

CapitaLand

Ascendas

REIT

209,813

454,450

Mapletree

Logistics

Trust

199,275

227,816

682,266

Machinery

0.0%

†

Seatrium

Ltd.*

2,682,886

198,942

Multi-Utilities

0.0%

†

Sembcorp

Industries

Ltd.

55,700

233,371

Passenger

Airlines

0.1%

Singapore

Airlines

Ltd.

83,682

414,361

Real

Estate

Management

&

Development

0.1%

CapitaLand

Investment

Ltd.

161,845

355,027

City

Developments

Ltd.

29,899

135,513

UOL

Group

Ltd.

22,913

106,219

596,759

Retail

REITs

0.1%

CapitaLand

Integrated

Commercial

Trust

299,178

445,773

Mapletree

Pan

Asia

Commercial

Trust

151,200

163,503

609,276

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

39,936

1,753,458

13,882,940

46

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

74,250

1,762,370

SOUTH

KOREA

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

Delivery

Hero

SE

Reg.

S*(b)

10,379

238,906

SPAIN

2.5%

Banks

0.9%

Banco

Bilbao

Vizcaya

Argentaria

SA

348,576

3,267,269

Banco

Santander

SA

945,675

3,799,418

CaixaBank

SA

242,064

1,034,153

8,100,840

Biotechnology

0.0%

†

Grifols

SA*

16,768

182,644

Construction

&

Engineering

0.0%

†

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

11,778

464,961

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

33,031

1,271,878

Telefonica

SA

285,579

1,166,533

2,438,411

Electric

Utilities

0.6%

Acciona

SA

1,486

192,350

Endesa

SA

17,855

353,473

Iberdrola

SA

352,196

4,243,354

Iberdrola

SA*∞(a)

6,133

74,067

Redeia

Corp.

SA

23,654

393,356

5,256,600

Gas

Utilities

0.0%

†

Enagas

SA(a)

13,303

216,505

Naturgy

Energy

Group

SA

7,006

188,837

405,342

Hotels,

Restaurants

&

Leisure

0.2%

Amadeus

IT

Group

SA

26,324

1,840,131

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Corp.

ACCIONA

Energias

Renovables

SA

4,545

117,966

EDP

Renovaveis

SA(a)

19,216

310,247

428,213

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA(a)

74,777

1,103,484

Specialty

Retail

0.3%

Industria

de

Diseno

Textil

SA

63,739

2,724,502

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S(b)

4,484

793,638

23,738,766

SWEDEN

3.0%

Aerospace

&

Defense

0.0%

†

Saab

AB,

Class

B

4,672

301,884

Automobiles

0.0%

†

Volvo

Car

AB,

Class

B*

31,183

81,259

Banks

0.4%

Skandinaviska

Enskilda

Banken

AB,

Class

A

92,930

1,317,897

Common

Stocks

Shares

Value

($)

SWEDEN

Banks

Svenska

Handelsbanken

AB,

Class

A

82,440

889,195

Swedbank

AB,

Class

A

50,277

1,025,440

3,232,532

Biotechnology

0.0%

†

Swedish

Orphan

Biovitrum

AB*

11,103

311,150

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

58,566

1,606,844

Nibe

Industrier

AB,

Class

B(a)

85,192

509,801

2,116,645

Capital

Markets

0.1%

EQT

AB(a)

19,991

534,319

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B(a)

27,646

268,134

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B

173,615

959,585

Construction

&

Engineering

0.0%

†

Skanska

AB,

Class

B

19,126

331,642

Diversified

Telecommunication

Services

0.0%

†

Telia

Co.

AB(a)

143,604

370,901

Electronic

Equipment,

Instruments

&

Components

0.1%

Hexagon

AB,

Class

B

121,326

1,322,318

Financial

Services

0.3%

Industrivarden

AB,

Class

A

7,317

229,766

Industrivarden

AB,

Class

C(a)

9,420

295,375

Investor

AB,

Class

B

101,137

2,382,189

L

E

Lundbergforetagen

AB,

Class

B(a)

4,237

220,644

3,127,974

Health

Care

Equipment

&

Supplies

0.0%

†

Getinge

AB,

Class

B

13,140

281,481

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

AB

Reg.

S(b)

10,709

1,253,267

Household

Products

0.1%

Essity

AB,

Class

B

36,082

848,476

Industrial

Conglomerates

0.1%

Investment

AB

Latour,

Class

B(a)

9,625

241,221

Lifco

AB,

Class

B(a)

12,830

310,760

551,981

Machinery

1.1%

Alfa

Laval

AB

17,399

639,815

Atlas

Copco

AB,

Class

A

156,952

2,504,200

Atlas

Copco

AB,

Class

B

91,205

1,261,327

Epiroc

AB,

Class

A

39,501

695,223

Epiroc

AB,

Class

B

21,060

327,920

Husqvarna

AB,

Class

B(a)

19,657

151,839

Indutrade

AB(a)

15,265

370,877

Sandvik

AB

62,302

1,303,953

SKF

AB,

Class

B

20,098

395,149

Volvo

AB,

Class

A

12,365

303,721

Volvo

AB,

Class

B

88,177

2,105,743

10,059,767

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

SWEDEN

Metals

&

Mining

0.1%

Boliden

AB

15,271

402,587

Paper

&

Forest

Products

0.1%

Holmen

AB,

Class

B(a)

4,248

167,627

Svenska

Cellulosa

AB

SCA,

Class

B

36,125

491,636

659,263

Real

Estate

Management

&

Development

0.1%

Fastighets

AB

Balder,

Class

B*(a)

36,650

244,501

Sagax

AB,

Class

B

11,496

278,040

522,541

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

39,109

550,588

Trading

Companies

&

Distributors

0.0%

†

Beijer

Ref

AB,

Class

B(a)

23,394

316,752

Wireless

Telecommunication

Services

0.0%

†

Tele2

AB,

Class

B

34,916

297,858

28,702,904

SWITZERLAND

6.3%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

1,680

215,247

Building

Products

0.1%

Geberit

AG

(Registered)

1,962

1,132,540

Capital

Markets

0.9%

Julius

Baer

Group

Ltd.

12,290

671,179

Partners

Group

Holding

AG

1,326

1,801,852

UBS

Group

AG

(Registered)

193,900

5,791,149

8,264,180

Chemicals

0.7%

Clariant

AG

(Registered)

12,084

155,099

DSM-

Firmenich

AG

10,900

1,148,893

EMS-

Chemie

Holding

AG

(Registered)

394

297,498

Givaudan

SA

(Registered)

540

2,246,558

Sika

AG

(Registered)

8,938

2,467,074

6,315,122

Containers

&

Packaging

0.0%

†

SIG

Group

AG

17,191

359,259

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

1,534

917,047

Electric

Utilities

0.0%

†

BKW

AG

1,160

184,513

Electrical

Equipment

0.4%

ABB

Ltd.

(Registered)

93,474

3,953,285

Food

Products

0.2%

Barry

Callebaut

AG

(Registered)

198

289,649

Chocoladefabriken

Lindt

&

Spruengli

AG

54

687,202

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

6

760,606

1,737,457

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.

29,199

2,189,853

Common

Stocks

Shares

Value

($)

SWITZERLAND

Health

Care

Equipment

&

Supplies

Sonova

Holding

AG

(Registered)

2,949

941,075

Straumann

Holding

AG

(Registered)

6,605

1,012,628

4,143,556

Insurance

0.7%

Baloise

Holding

AG

(Registered)

2,575

411,979

Helvetia

Holding

AG

(Registered)

2,241

324,264

Swiss

Life

Holding

AG

(Registered)

1,728

1,241,872

Zurich

Insurance

Group

AG

8,581

4,365,798

6,343,913

Life

Sciences

Tools

&

Services

0.2%

Bachem

Holding

AG(a)

1,817

121,444

Lonza

Group

AG

(Registered)

4,351

2,128,447

2,249,891

Machinery

0.2%

Schindler

Holding

AG

2,289

572,816

Schindler

Holding

AG

(Registered)

1,248

296,786

VAT

Group

AG

Reg.

S(b)

1,623

756,826

1,626,428

Marine

Transportation

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

3,216

1,098,257

Pharmaceuticals

1.4%

Novartis

AG

(Registered)

119,757

12,403,114

Sandoz

Group

AG*

23,221

796,905

13,200,019

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

8,995

389,672

SGS

SA

(Registered)

8,962

829,141

1,218,813

Real

Estate

Management

&

Development

0.1%

Swiss

Prime

Site

AG

(Registered)

4,313

436,838

Software

0.1%

Temenos

AG

(Registered)

3,885

397,066

Specialty

Retail

0.0%

†

Avolta

AG*

5,792

222,061

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

9,244

774,649

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

30,502

4,553,955

Swatch

Group

AG

(The)

1,627

381,296

Swatch

Group

AG

(The)

(Registered)

3,109

141,933

5,077,184

59,867,325

UNITED

KINGDOM

10.7%

Aerospace

&

Defense

0.5%

BAE

Systems

plc

178,121

2,653,444

48

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Aerospace

&

Defense

Melrose

Industries

plc

75,972

568,679

Rolls-Royce

Holdings

plc*

491,806

1,869,133

5,091,256

Banks

1.5%

Barclays

plc

882,583

1,645,284

HSBC

Holdings

plc

1,142,425

8,913,583

Lloyds

Banking

Group

plc

3,686,067

1,972,091

NatWest

Group

plc

327,468

928,637

Standard

Chartered

plc

133,129

1,003,554

14,463,149

Beverages

0.6%

Coca-Cola

Europacific

Partners

plc

12,350

850,915

Diageo

plc

131,299

4,722,405

5,573,320

Broadline

Retail

0.1%

Next

plc

7,236

773,521

Capital

Markets

0.6%

3i

Group

plc

56,873

1,774,879

abrdn

plc

116,893

249,348

Hargreaves

Lansdown

plc(a)

18,879

182,241

London

Stock

Exchange

Group

plc

24,332

2,753,917

Schroders

plc

43,898

224,115

St.

James's

Place

plc

33,948

278,086

5,462,586

Chemicals

0.0%

†

Croda

International

plc

7,849

477,826

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

149,396

771,331

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

93,127

318,081

Ocado

Group

plc*

34,677

238,151

Tesco

plc

418,868

1,519,702

2,075,934

Diversified

Consumer

Services

0.0%

†

Pearson

plc

36,233

444,623

Diversified

REITs

0.0%

†

Land

Securities

Group

plc

43,214

363,903

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

363,002

514,325

Electric

Utilities

0.1%

SSE

plc

63,712

1,356,874

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

21,341

592,967

Financial

Services

0.1%

M&G

plc

136,185

385,302

Wise

plc,

Class

A*

36,980

374,704

760,006

Food

Products

0.1%

Associated

British

Foods

plc

21,055

624,560

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

49,096

689,244

Hotels,

Restaurants

&

Leisure

0.5%

Compass

Group

plc

99,597

2,745,980

Entain

plc

39,223

478,498

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Hotels,

Restaurants

&

Leisure

InterContinental

Hotels

Group

plc

9,535

904,201

Whitbread

plc

11,124

504,788

4,633,467

Household

Durables

0.2%

Barratt

Developments

plc

59,468

404,884

Berkeley

Group

Holdings

plc

5,849

354,644

Persimmon

plc

18,716

343,327

Taylor

Wimpey

plc

207,845

388,540

1,491,395

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

41,926

3,027,568

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

159,886

819,484

DCC

plc

5,873

426,458

Smiths

Group

plc

20,846

427,566

1,673,508

Industrial

REITs

0.1%

Segro

plc

69,763

769,743

Insurance

0.3%

Admiral

Group

plc

12,932

412,627

Aviva

plc

162,424

886,992

Legal

&

General

Group

plc

351,657

1,130,844

Phoenix

Group

Holdings

plc

42,206

268,792

2,699,255

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

55,143

509,155

Machinery

0.1%

Spirax-Sarco

Engineering

plc

4,489

565,001

Media

0.1%

Informa

plc

83,465

822,105

WPP

plc

60,421

585,903

1,408,008

Multi-Utilities

0.4%

Centrica

plc

312,799

547,711

National

Grid

plc

215,151

2,863,901

3,411,612

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

997,116

5,840,279

Personal

Care

Products

0.7%

Unilever

plc

146,002

7,105,964

Pharmaceuticals

1.3%

AstraZeneca

plc

90,563

12,053,360

Professional

Services

0.5%

Intertek

Group

plc

9,073

514,755

RELX

plc

110,652

4,569,897

5,084,652

Software

0.1%

Sage

Group

plc

(The)

61,267

912,923

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

148,404

218,157

Kingfisher

plc

107,082

297,687

515,844

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Burberry

Group

plc

21,202

351,443

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Tobacco

0.5%

British

American

Tobacco

plc

124,142

3,665,830

Imperial

Brands

plc

50,449

1,210,446

4,876,276

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

25,605

1,676,226

Bunzl

plc

20,215

821,991

2,498,217

Water

Utilities

0.1%

Severn

Trent

plc

16,174

531,401

United

Utilities

Group

plc

40,931

550,735

1,082,136

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

1,343,650

1,147,721

101,692,952

UNITED

STATES

7.5%

Automobiles

0.3%

Stellantis

NV

129,276

2,851,661

Biotechnology

0.6%

CSL

Ltd.

28,209

5,541,668

Construction

&

Engineering

0.1%

Ferrovial

SE

29,979

1,144,583

Construction

Materials

0.7%

CRH

plc

41,337

2,919,452

Holcim

AG

30,456

2,340,360

James

Hardie

Industries

plc

CHDI*

24,741

927,877

6,187,689

Electrical

Equipment

0.7%

Schneider

Electric

SE

31,798

6,266,992

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

28,411

450,382

Food

Products

1.9%

Nestle

SA

(Registered)

155,996

17,786,445

Insurance

0.2%

Swiss

Re

AG

17,624

2,023,989

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

12,434

541,770

Personal

Care

Products

0.1%

Haleon

plc

323,758

1,318,658

Pharmaceuticals

2.5%

GSK

plc

239,280

4,738,687

Roche

Holding

AG

43,006

12,320,623

Sanofi

SA

66,409

6,668,232

23,727,542

Professional

Services

0.2%

Experian

plc

53,759

2,241,258

Software

0.1%

CyberArk

Software

Ltd.*

2,348

548,211

Monday.com

Ltd.*

1,577

331,233

879,444

70,962,081

Total

Common

Stocks

(cost

$560,545,936)

941,031,827

Rights

0.0%

†

Number

of

Rights

Value

($)

SPAIN

0.0%

†

Construction

&

Engineering

0.0%

†

ACS

Actividades

de

Construccion

y

Servicios

SA,

expiring

2/2/2024*(a)

11,778

5,397

Total

Rights

(cost

$5,840)

5,397

Repurchase

Agreements

0.8%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$730,886,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$745,503.(c)

730,778

730,778

Nomura

Securities

International,

Inc.,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$4,000,588,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

5/31/2025

-

2/15/2050;

total

market

value

$4,080,001.(c)

4,000,000

4,000,000

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$2,837,394,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$2,894,142.(c)

2,836,976

2,836,976

Total

Repurchase

Agreements

(cost

$7,567,754)

7,567,754

Total

Investments

(cost

$568,119,530)

—

99.6%

948,604,978

Other

assets

in

excess

of

liabilities

—

0.4%

3,821,147

NET

ASSETS

—

100.0%

$

952,426,125

50

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$17,697,720,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,567,754

and

by

$11,635,925

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.38%,

and

maturity

dates

ranging

from

3/31/2024

–

8/15/2053,

a

total

value

of

$19,203,679.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

January

31,

2024

was

$12,790,698

which

represents

1.34%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$7,567,754.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

50

3/2024

EUR

2,520,733

84,521

FTSE

100

Index

16

3/2024

GBP

1,546,917

5,844

Nikkei

225

Index

13

3/2024

JPY

1,604,464

68,735

SPI

200

Index

7

3/2024

AUD

877,483

23,001

Net

contracts

182,101

As

of

January

31,

2024,

the

Fund

had

$401,705

segregated

in

foreign

currency

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

51

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

52

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

18,608,018

$

–

$

18,608,018

Air

Freight

&

Logistics

–

5,482,281

–

5,482,281

Automobile

Components

–

6,031,028

–

6,031,028

Automobiles

–

33,138,660

–

33,138,660

Banks

–

92,920,534

–

92,920,534

Beverages

850,915

16,186,581

–

17,037,496

Biotechnology

–

8,416,498

–

8,416,498

Broadline

Retail

225,751

6,709,560

–

6,935,311

Building

Products

–

9,232,620

–

9,232,620

Capital

Markets

136,983

26,707,640

–

26,844,623

Chemicals

371,386

28,608,742

–

28,980,128

Commercial

Services

&

Supplies

–

3,496,884

–

3,496,884

Communications

Equipment

–

2,089,524

–

2,089,524

Construction

&

Engineering

–

7,953,853

–

7,953,853

Construction

Materials

–

6,944,876

–

6,944,876

Consumer

Staples

Distribution

&

Retail

–

11,038,016

–

11,038,016

Containers

&

Packaging

–

948,828

–

948,828

Distributors

–

242,471

–

242,471

Diversified

Consumer

Services

–

625,420

–

625,420

Diversified

REITs

–

2,355,356

–

2,355,356

Diversified

Telecommunication

Services

–

16,359,783

–

16,359,783

Electric

Utilities

–

16,770,775

–

16,770,775

Electrical

Equipment

–

17,481,986

–

17,481,986

Electronic

Equipment,

Instruments

&

Components

–

13,518,800

–

13,518,800

Energy

Equipment

&

Services

–

450,382

–

450,382

Entertainment

813,145

6,641,295

–

7,454,440

Financial

Services

261,643

9,819,095

–

10,080,738

Food

Products

–

28,036,039

–

28,036,039

Gas

Utilities

–

2,825,625

–

2,825,625

Ground

Transportation

355,847

5,105,642

–

5,461,489

Health

Care

Equipment

&

Supplies

–

19,276,681

–

19,276,681

Health

Care

Providers

&

Services

–

2,468,253

–

2,468,253

Health

Care

Technology

–

391,780

–

391,780

Hotels,

Restaurants

&

Leisure

–

16,826,619

–

16,826,619

Household

Durables

–

11,674,367

–

11,674,367

Household

Products

–

5,831,116

–

5,831,116

Independent

Power

and

Renewable

Electricity

Producers

–

2,039,223

–

2,039,223

Industrial

Conglomerates

354,330

15,273,607

–

15,627,937

Industrial

REITs

–

3,843,754

–

3,843,754

Insurance

–

48,061,112

–

48,061,112

Interactive

Media

&

Services

–

2,698,586

–

2,698,586

IT

Services

384,954

7,245,877

–

7,630,831

Leisure

Products

–

1,604,955

–

1,604,955

Life

Sciences

Tools

&

Services

–

4,258,391

–

4,258,391

Machinery

–

27,443,767

–

27,443,767

Marine

Transportation

–

4,115,012

–

4,115,012

Media

–

3,484,177

–

3,484,177

Metals

&

Mining

–

29,764,252

–

29,764,252

Multi-Utilities

–

8,422,815

–

8,422,815

Office

REITs

–

1,257,331

–

1,257,331

Oil,

Gas

&

Consumable

Fuels

–

38,918,181

–

38,918,181

Paper

&

Forest

Products

–

2,885,018

–

2,885,018

Passenger

Airlines

–

1,298,846

–

1,298,846

Personal

Care

Products

–

17,953,973

–

17,953,973

Pharmaceuticals

821,699

87,318,244

–

88,139,943

Professional

Services

–

16,099,281

–

16,099,281

Real

Estate

Management

&

Development

162,000

11,055,864

–

11,217,864

Nationwide

International

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

53

E

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

–

$

3,369,562

$

–

$

3,369,562

Semiconductors

&

Semiconductor

Equipment

–

38,461,151

–

38,461,151

Software

1,765,479

16,727,505

–

18,492,984

Specialty

Retail

–

8,012,138

–

8,012,138

Technology

Hardware,

Storage

&

Peripherals

–

4,539,086

–

4,539,086

Textiles,

Apparel

&

Luxury

Goods

–

28,120,395

–

28,120,395

Tobacco

–

6,724,075

–

6,724,075

Trading

Companies

&

Distributors

896,211

17,724,346

–

18,620,557

Transportation

Infrastructure

–

3,441,958

–

3,441,958

Water

Utilities

–

1,082,136

–

1,082,136

Wireless

Telecommunication

Services

–

9,171,238

–

9,171,238

Total

Common

Stocks

$

7,400,343

$

933,631,484

$

–

$

941,031,827

Futures

Contracts

182,101

–

–

182,101

Repurchase

Agreements

–

7,567,754

–

7,567,754

Rights

5,397

–

–

5,397

Total

$

7,587,841

$

941,199,238

$

–

$

948,787,079

Common

Stocks

Total

Balance

as

of

10/31/2023

$

94,304

$

94,304

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

—

—

Sales

(395,529)

(395,529)

Change

in

Unrealized

Appreciation/Depreciation

301,225

301,225

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

1/31/2024

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

1/31/2024

$

—

$

—

54

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

International

Index

Fund

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

182,101

Total

$

182,101

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

99

.9

%

Shares

Value

($)

Aerospace

&

Defense

1

.2

%

BWX

Technologies,

Inc.

20,857

1,699,428

Curtiss-Wright

Corp.

8,587

1,911,209

Hexcel

Corp.

19,116

1,269,111

Woodward,

Inc.

13,876

1,911,697

6,791,445

Air

Freight

&

Logistics

0

.3

%

GXO

Logistics,

Inc.*

27,696

1,506,109

Automobile

Components

1

.5

%

Adient

plc*(a)

21,792

756,400

Autoliv,

Inc.

17,434

1,867,530

Fox

Factory

Holding

Corp.*

9,655

608,651

Gentex

Corp.(a)

53,080

1,758,541

Goodyear

Tire

&

Rubber

Co.

(The)*

64,777

902,991

Lear

Corp.

13,745

1,826,711

Visteon

Corp.*(a)

6,411

739,124

8,459,948

Automobiles

0

.4

%

Harley-Davidson,

Inc.

29,290

950,460

Thor

Industries,

Inc.(a)

12,389

1,400,205

2,350,665

Banks

5

.5

%

Associated

Banc-Corp.

32,716

687,363

Bank

OZK

24,676

1,113,134

Cadence

Bank

42,366

1,127,783

Columbia

Banking

System,

Inc.

49,386

995,622

Commerce

Bancshares,

Inc.

27,593

1,438,147

Cullen/Frost

Bankers,

Inc.

14,784

1,568,878

East

West

Bancorp,

Inc.

32,840

2,391,080

First

Financial

Bankshares,

Inc.(a)

29,158

910,604

First

Horizon

Corp.

128,763

1,833,585

FNB

Corp.

81,128

1,069,267

Glacier

Bancorp,

Inc.

25,331

979,297

Hancock

Whitney

Corp.

20,139

908,470

Home

BancShares,

Inc.(a)

41,675

976,862

International

Bancshares

Corp.

11,509

608,366

New

York

Community

Bancorp,

Inc.

166,718

1,078,666

Old

National

Bancorp

67,083

1,104,857

Pinnacle

Financial

Partners,

Inc.

18,001

1,590,928

Prosperity

Bancshares,

Inc.

21,696

1,386,591

SouthState

Corp.(a)

17,567

1,459,818

Synovus

Financial

Corp.

34,540

1,300,777

Texas

Capital

Bancshares,

Inc.*

10,533

642,513

UMB

Financial

Corp.

10,208

842,160

United

Bankshares,

Inc.

31,098

1,114,863

Valley

National

Bancorp(a)

99,050

952,861

Webster

Financial

Corp.

40,793

2,018,438

Wintrust

Financial

Corp.(a)

14,468

1,403,107

31,504,037

Beverages

0

.6

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

2,151

751,280

Celsius

Holdings,

Inc.*

34,283

1,710,721

Common

Stocks

Shares

Value

($)

Beverages

Coca-Cola

Consolidated,

Inc.

1,087

936,331

3,398,332

Biotechnology

1

.6

%

Arrowhead

Pharmaceuticals,

Inc.*

28,447

913,149

Exelixis,

Inc.*

72,216

1,571,420

Halozyme

Therapeutics,

Inc.*

30,230

1,023,286

Neurocrine

Biosciences,

Inc.*

22,807

3,187,734

United

Therapeutics

Corp.*

10,822

2,324,349

9,019,938

Broadline

Retail

0

.4

%

Macy's,

Inc.

62,775

1,148,155

Nordstrom,

Inc.

22,242

403,692

Ollie's

Bargain

Outlet

Holdings,

Inc.*

13,912

1,000,690

2,552,537

Building

Products

3

.4

%

Advanced

Drainage

Systems,

Inc.

15,781

2,058,158

Carlisle

Cos.,

Inc.

11,210

3,522,855

Fortune

Brands

Innovations,

Inc.

29,091

2,257,171

Lennox

International,

Inc.(a)

7,398

3,167,528

Owens

Corning(a)

20,582

3,118,790

Simpson

Manufacturing

Co.,

Inc.

9,792

1,772,254

Trex

Co.,

Inc.*

24,837

2,023,719

UFP

Industries,

Inc.

14,199

1,610,876

19,531,351

Capital

Markets

2

.9

%

Affiliated

Managers

Group,

Inc.(a)

8,497

1,264,694

Carlyle

Group,

Inc.

(The)

51,677

2,068,114

Evercore,

Inc.,

Class

A

8,488

1,457,644

Federated

Hermes,

Inc.,

Class

B

19,688

688,292

Houlihan

Lokey,

Inc.,

Class

A

12,212

1,462,753

Interactive

Brokers

Group,

Inc.,

Class

A

24,989

2,217,774

Janus

Henderson

Group

plc

30,648

881,437

Jefferies

Financial

Group,

Inc.

41,394

1,687,219

Morningstar,

Inc.

5,910

1,650,663

SEI

Investments

Co.

22,759

1,439,279

Stifel

Financial

Corp.

24,876

1,814,704

16,632,573

Chemicals

2

.4

%

Arcadium

Lithium

plc*

237,658

1,162,148

Ashland,

Inc.(a)

11,362

1,063,710

Avient

Corp.

20,580

745,202

Axalta

Coating

Systems

Ltd.*

50,620

1,641,100

Cabot

Corp.

12,590

907,739

Chemours

Co.

(The)

34,630

1,044,787

NewMarket

Corp.

1,594

889,149

Olin

Corp.

28,364

1,476,913

RPM

International,

Inc.

29,753

3,173,455

Scotts

Miracle-Gro

Co.

(The)

(a)

9,730

547,410

Westlake

Corp.

7,882

1,090,475

13,742,088

56

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1

.3

%

Brink's

Co.

(The)

10,673

862,805

Clean

Harbors,

Inc.*

11,813

1,984,112

MSA

Safety,

Inc.

8,477

1,398,959

Stericycle,

Inc.*

21,033

1,009,584

Tetra

Tech,

Inc.

12,355

1,954,314

7,209,774

Communications

Equipment

0

.5

%

Calix,

Inc.*

13,442

446,006

Ciena

Corp.*

34,510

1,829,030

Lumentum

Holdings,

Inc.*(a)

15,696

862,338

3,137,374

Construction

&

Engineering

2

.0

%

AECOM

32,333

2,851,447

Comfort

Systems

USA,

Inc.

8,223

1,788,256

EMCOR

Group,

Inc.

10,850

2,474,993

Fluor

Corp.*

39,291

1,481,664

MasTec,

Inc.*

13,835

908,544

MDU

Resources

Group,

Inc.

47,998

936,441

Valmont

Industries,

Inc.(a)

4,725

1,066,480

11,507,825

Construction

Materials

0

.5

%

Eagle

Materials,

Inc.

8,047

1,820,875

Knife

River

Corp.*

13,169

862,438

2,683,313

Consumer

Finance

0

.8

%

Ally

Financial,

Inc.

65,266

2,393,957

FirstCash

Holdings,

Inc.

8,851

1,015,829

SLM

Corp.

53,997

1,073,461

4,483,247

Consumer

Staples

Distribution

&

Retail

1

.9

%

BJ's

Wholesale

Club

Holdings,

Inc.*

30,599

1,968,740

Casey's

General

Stores,

Inc.

8,563

2,323,656

Grocery

Outlet

Holding

Corp.*

21,315

528,186

Performance

Food

Group

Co.*

36,025

2,618,297

Sprouts

Farmers

Market,

Inc.*(a)

22,790

1,147,932

US

Foods

Holding

Corp.*

52,454

2,413,408

11,000,219

Containers

&

Packaging

1

.8

%

AptarGroup,

Inc.

15,227

1,977,683

Berry

Global

Group,

Inc.

27,636

1,809,053

Crown

Holdings,

Inc.

28,161

2,492,248

Graphic

Packaging

Holding

Co.

70,643

1,802,103

Greif,

Inc.,

Class

A

5,602

350,741

Silgan

Holdings,

Inc.(a)

18,508

850,257

Sonoco

Products

Co.

22,872

1,301,417

10,583,502

Diversified

Consumer

Services

0

.9

%

Graham

Holdings

Co.,

Class

B

799

575,600

Grand

Canyon

Education,

Inc.*

6,493

847,921

H&R

Block,

Inc.

33,284

1,559,022

Service

Corp.

International

34,489

2,314,902

5,297,445

Diversified

REITs

0

.6

%

WP

Carey,

Inc.

50,994

3,159,588

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

0

.4

%

Frontier

Communications

Parent,

Inc.*(a)

51,517

1,268,864

Iridium

Communications,

Inc.

28,078

1,018,108

2,286,972

Electric

Utilities

0

.9

%

ALLETE,

Inc.

12,775

755,130

IDACORP,

Inc.

11,524

1,066,892

OGE

Energy

Corp.

46,665

1,551,144

PNM

Resources,

Inc.

19,104

692,138

Portland

General

Electric

Co.

24,032

983,630

5,048,934

Electrical

Equipment

1

.6

%

Acuity

Brands,

Inc.

7,019

1,671,645

EnerSys

9,137

873,223

nVent

Electric

plc

38,398

2,305,416

Regal

Rexnord

Corp.

15,331

2,046,075

Sensata

Technologies

Holding

plc

34,906

1,262,550

Sunrun,

Inc.*(a)

50,607

732,790

8,891,699

Electronic

Equipment,

Instruments

&

Components

2

.3

%

Arrow

Electronics,

Inc.*

12,584

1,398,712

Avnet,

Inc.

20,910

947,223

Belden,

Inc.

9,503

704,932

Cognex

Corp.(a)

39,186

1,416,182

Coherent

Corp.*

30,207

1,436,041

Crane

NXT

Co.

11,079

645,684

IPG

Photonics

Corp.*

6,688

654,688

Littelfuse,

Inc.

5,740

1,388,506

Novanta,

Inc.*

8,133

1,256,955

TD

SYNNEX

Corp.

13,221

1,321,836

Vishay

Intertechnology,

Inc.

28,560

620,609

Vontier

Corp.

35,503

1,228,049

13,019,417

Energy

Equipment

&

Services

0

.9

%

ChampionX

Corp.

44,571

1,221,691

NOV,

Inc.(a)

90,511

1,765,870

Valaris

Ltd.*

14,130

874,223

Weatherford

International

plc*

16,562

1,483,127

5,344,911

Entertainment

0

.2

%

TKO

Group

Holdings,

Inc.

14,049

1,175,761

Financial

Services

1

.6

%

Equitable

Holdings,

Inc.

27,146

887,403

Essent

Group

Ltd.(a)

24,317

1,341,326

Euronet

Worldwide,

Inc.*

10,220

1,018,423

MGIC

Investment

Corp.

62,941

1,248,749

Voya

Financial,

Inc.

25,521

1,846,955

Western

Union

Co.

(The)

83,995

1,055,817

WEX,

Inc.*(a)

9,962

2,036,133

9,434,806

Food

Products

1

.1

%

Darling

Ingredients,

Inc.*

37,017

1,602,836

Flowers

Foods,

Inc.

45,081

1,027,847

Ingredion,

Inc.

15,412

1,657,869

Lancaster

Colony

Corp.(a)

4,658

856,047

Pilgrim's

Pride

Corp.*

9,552

259,528

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Food

Products

Post

Holdings,

Inc.*(a)

11,891

1,104,317

6,508,444

Gas

Utilities

0

.9

%

National

Fuel

Gas

Co.

20,854

983,475

New

Jersey

Resources

Corp.

22,122

903,241

ONE

Gas,

Inc.(a)

12,451

764,118

Southwest

Gas

Holdings,

Inc.

(a)

13,826

811,310

Spire,

Inc.(a)

11,819

670,964

UGI

Corp.

49,735

1,101,133

5,234,241

Ground

Transportation

2

.0

%

Avis

Budget

Group,

Inc.(a)

4,326

708,210

Hertz

Global

Holdings,

Inc.*(a)

30,172

251,936

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

37,320

2,141,422

Landstar

System,

Inc.

8,104

1,553,699

Ryder

System,

Inc.

10,295

1,169,203

Saia,

Inc.*(a)

6,142

2,767,462

Werner

Enterprises,

Inc.

12,145

480,335

XPO,

Inc.*

26,787

2,288,681

11,360,948

Health

Care

Equipment

&

Supplies

2

.4

%

Enovis

Corp.*(a)

11,218

658,497

Envista

Holdings

Corp.*

38,963

915,630

Globus

Medical,

Inc.,

Class

A*

26,410

1,394,184

Haemonetics

Corp.*

11,523

881,049

Inari

Medical,

Inc.*(a)

11,886

676,908

Integra

LifeSciences

Holdings

Corp.*(a)

15,282

613,572

Lantheus

Holdings,

Inc.*

15,639

812,133

LivaNova

plc*

12,287

598,131

Masimo

Corp.*

10,198

1,314,930

Neogen

Corp.*

44,678

692,509

Penumbra,

Inc.*(a)

8,906

2,246,004

QuidelOrtho

Corp.*

11,331

776,287

Shockwave

Medical,

Inc.*

8,463

1,914,754

13,494,588

Health

Care

Providers

&

Services

2

.1

%

Acadia

Healthcare

Co.,

Inc.*

21,099

1,733,072

Amedisys,

Inc.*

7,229

681,478

Chemed

Corp.

3,416

2,024,970

Encompass

Health

Corp.

22,871

1,624,756

HealthEquity,

Inc.*

19,726

1,490,891

Option

Care

Health,

Inc.*

40,484

1,264,720

Progyny,

Inc.*

18,363

699,447

R1

RCM,

Inc.*

45,606

467,005

Tenet

Healthcare

Corp.*

23,535

1,947,286

11,933,625

Health

Care

REITs

0

.8

%

Healthcare

Realty

Trust,

Inc.,

Class

A

88,455

1,425,010

Medical

Properties

Trust,

Inc.

138,925

430,667

Omega

Healthcare

Investors,

Inc.

56,603

1,641,487

Physicians

Realty

Trust

48,578

594,595

Sabra

Health

Care

REIT,

Inc.

52,932

706,113

4,797,872

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0

.1

%

Doximity,

Inc.,

Class

A*

27,377

737,810

Hotel

&

Resort

REITs

0

.1

%

Park

Hotels

&

Resorts,

Inc.

47,352

714,068

Hotels,

Restaurants

&

Leisure

3

.6

%

Aramark

60,796

1,767,948

Boyd

Gaming

Corp.

15,974

1,014,189

Choice

Hotels

International,

Inc.

5,525

669,188

Churchill

Downs,

Inc.

15,638

1,891,729

Hilton

Grand

Vacations,

Inc.*

16,300

679,710

Hyatt

Hotels

Corp.,

Class

A(a)

10,657

1,368,039

Light

&

Wonder,

Inc.*

20,724

1,665,795

Marriott

Vacations

Worldwide

Corp.

7,703

646,205

Penn

Entertainment,

Inc.*(a)

34,274

772,879

Planet

Fitness,

Inc.,

Class

A*

19,645

1,331,145

Texas

Roadhouse,

Inc.,

Class

A

15,892

1,997,942

Travel

+

Leisure

Co.(a)

16,416

663,535

Vail

Resorts,

Inc.(a)

8,819

1,957,818

Wendy's

Co.

(The)(a)

39,422

752,172

Wingstop,

Inc.

6,766

1,901,990

Wyndham

Hotels

&

Resorts,

Inc.

19,051

1,484,644

20,564,928

Household

Durables

1

.9

%

Helen

of

Troy

Ltd.*(a)

5,426

621,277

KB

Home

17,795

1,060,404

Leggett

&

Platt,

Inc.

30,130

699,317

Taylor

Morrison

Home

Corp.,

Class

A*

24,253

1,264,552

Tempur

Sealy

International,

Inc.

40,038

1,997,496

Toll

Brothers,

Inc.

24,986

2,482,359

TopBuild

Corp.*

7,340

2,709,414

10,834,819

Independent

Power

and

Renewable

Electricity

Producers

0

.7

%

Ormat

Technologies,

Inc.(a)

12,333

797,698

Vistra

Corp.

78,120

3,205,264

4,002,962

Industrial

REITs

1

.3

%

EastGroup

Properties,

Inc.

10,591

1,879,161

First

Industrial

Realty

Trust,

Inc.

30,063

1,548,846

Rexford

Industrial

Realty,

Inc.

49,020

2,577,962

STAG

Industrial,

Inc.

42,046

1,553,179

7,559,148

Insurance

4

.6

%

American

Financial

Group,

Inc.

15,427

1,857,411

Brighthouse

Financial,

Inc.*

15,249

789,441

CNO

Financial

Group,

Inc.

24,934

677,706

Erie

Indemnity

Co.,

Class

A

5,739

1,984,718

Fidelity

National

Financial,

Inc.

28,444

1,423,053

First

American

Financial

Corp.

24,078

1,453,107

Hanover

Insurance

Group,

Inc.

(The)

8,237

1,087,366

Kemper

Corp.

13,973

838,380

Kinsale

Capital

Group,

Inc.

5,053

2,008,921

58

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Old

Republic

International

Corp.

63,220

1,772,689

Primerica,

Inc.

8,310

1,945,870

Reinsurance

Group

of

America,

Inc.

15,463

2,688,861

RenaissanceRe

Holdings

Ltd.

12,080

2,764,267

RLI

Corp.

9,105

1,241,649

Selective

Insurance

Group,

Inc.

13,910

1,458,603

Unum

Group

42,689

2,063,586

26,055,628

Interactive

Media

&

Services

0

.3

%

Ziff

Davis,

Inc.*

10,608

714,979

ZoomInfo

Technologies,

Inc.,

Class

A*

67,912

1,089,309

1,804,288

IT

Services

0

.8

%

GoDaddy,

Inc.,

Class

A*

32,770

3,495,248

Kyndryl

Holdings,

Inc.*

52,822

1,083,908

4,579,156

Leisure

Products

0

.8

%

Brunswick

Corp.

15,888

1,281,844

Mattel,

Inc.*

80,874

1,446,836

Polaris,

Inc.

12,207

1,098,142

YETI

Holdings,

Inc.*(a)

19,710

866,648

4,693,470

Life

Sciences

Tools

&

Services

1

.2

%

Azenta,

Inc.*

14,008

913,321

Bruker

Corp.

21,537

1,540,111

Medpace

Holdings,

Inc.*

5,379

1,568,409

Repligen

Corp.*(a)

11,948

2,262,951

Sotera

Health

Co.*

22,686

333,938

6,618,730

Machinery

4

.8

%

AGCO

Corp.

14,255

1,743,814

Chart

Industries,

Inc.*

9,622

1,123,080

Crane

Co.(a)

11,128

1,381,096

Donaldson

Co.,

Inc.

26,993

1,743,478

Esab

Corp.

12,828

1,103,080

Flowserve

Corp.

30,007

1,198,180

Graco,

Inc.

38,428

3,277,908

ITT,

Inc.(a)

18,856

2,277,428

Lincoln

Electric

Holdings,

Inc.

13,218

2,937,304

Middleby

Corp.

(The)*(a)

12,346

1,741,650

Oshkosh

Corp.

15,094

1,661,849

RBC

Bearings,

Inc.*(a)

6,671

1,791,430

Terex

Corp.(a)

15,456

949,462

Timken

Co.

(The)

14,877

1,218,575

Toro

Co.

(The)

23,847

2,205,371

Watts

Water

Technologies,

Inc.,

Class

A(a)

6,035

1,194,990

27,548,695

Marine

Transportation

0

.2

%

Kirby

Corp.*

13,306

1,046,650

Media

0

.8

%

Cable

One,

Inc.

1,040

570,887

New

York

Times

Co.

(The),

Class

A

37,667

1,829,109

Common

Stocks

Shares

Value

($)

Media

Nexstar

Media

Group,

Inc.,

Class

A(a)

7,577

1,346,509

TEGNA,

Inc.

44,530

694,223

4,440,728

Metals

&

Mining

2

.4

%

Alcoa

Corp.

41,582

1,237,064

Cleveland-Cliffs,

Inc.*

116,630

2,338,432

Commercial

Metals

Co.

26,732

1,395,945

MP

Materials

Corp.*(a)

33,302

526,505

Reliance

Steel

&

Aluminum

Co.

13,312

3,799,511

Royal

Gold,

Inc.(a)

15,184

1,736,898

United

States

Steel

Corp.

51,309

2,412,549

13,446,904

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.7

%

Annaly

Capital

Management,

Inc.

120,659

2,315,446

Starwood

Property

Trust,

Inc.

73,641

1,497,122

3,812,568

Multi-Utilities

0

.3

%

Black

Hills

Corp.

15,950

825,572

Northwestern

Energy

Group,

Inc.

13,582

653,566

1,479,138

Office

REITs

0

.6

%

COPT

Defense

Properties

23,631

556,746

Cousins

Properties,

Inc.

34,367

787,348

Kilroy

Realty

Corp.

24,422

873,331

Vornado

Realty

Trust

37,000

1,006,030

3,223,455

Oil,

Gas

&

Consumable

Fuels

4

.0

%

Antero

Midstream

Corp.

77,999

954,708

Antero

Resources

Corp.*

64,763

1,446,805

Chesapeake

Energy

Corp.(a)

25,450

1,962,450

Chord

Energy

Corp.

9,523

1,464,256

Civitas

Resources,

Inc.

20,004

1,296,459

CNX

Resources

Corp.*(a)

34,362

694,112

DT

Midstream,

Inc.

21,884

1,174,952

Equitrans

Midstream

Corp.

99,054

1,009,360

HF

Sinclair

Corp.

36,790

2,078,267

Matador

Resources

Co.

25,520

1,400,793

Murphy

Oil

Corp.

33,783

1,307,402

Ovintiv,

Inc.

59,364

2,518,221

PBF

Energy,

Inc.,

Class

A

25,001

1,262,801

Permian

Resources

Corp.,

Class

A(a)

95,914

1,292,921

Range

Resources

Corp.(a)

55,349

1,607,335

Southwestern

Energy

Co.*

251,554

1,622,523

23,093,365

Paper

&

Forest

Products

0

.2

%

Louisiana-Pacific

Corp.

14,609

972,229

Personal

Care

Products

0

.8

%

BellRing

Brands,

Inc.*

30,363

1,678,163

Coty,

Inc.,

Class

A*(a)

89,104

1,076,376

elf

Beauty,

Inc.*

12,660

2,019,650

4,774,189

Pharmaceuticals

0

.5

%

Jazz

Pharmaceuticals

plc*

14,373

1,763,855

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Perrigo

Co.

plc

30,740

986,139

2,749,994

Professional

Services

2

.9

%

ASGN,

Inc.*

11,100

1,030,302

CACI

International,

Inc.,

Class

A*(a)

5,180

1,780,521

Concentrix

Corp.(a)

10,888

967,617

ExlService

Holdings,

Inc.*(a)

37,735

1,180,351

Exponent,

Inc.

11,258

992,843

FTI

Consulting,

Inc.*

8,150

1,561,621

Genpact

Ltd.

38,128

1,368,795

Insperity,

Inc.

8,287

950,436

KBR,

Inc.

31,508

1,641,882

ManpowerGroup,

Inc.

11,512

853,500

Maximus,

Inc.

13,999

1,135,599

Paylocity

Holding

Corp.*

9,983

1,581,407

Science

Applications

International

Corp.

12,378

1,580,175

16,625,049

Real

Estate

Management

&

Development

0

.3

%

Jones

Lang

LaSalle,

Inc.*

11,044

1,955,451

Residential

REITs

0

.8

%

Apartment

Income

REIT

Corp.,

Class

A

33,848

1,106,491

Equity

LifeStyle

Properties,

Inc.

43,233

2,926,442

Independence

Realty

Trust,

Inc.

49,317

724,467

4,757,400

Retail

REITs

1

.0

%

Agree

Realty

Corp.

22,908

1,365,546

Brixmor

Property

Group,

Inc.

70,385

1,579,439

Kite

Realty

Group

Trust

49,962

1,069,187

NNN

REIT,

Inc.

41,700

1,682,178

5,696,350

Semiconductors

&

Semiconductor

Equipment

2

.7

%

Allegro

MicroSystems,

Inc.*

16,134

418,516

Amkor

Technology,

Inc.

24,349

770,889

Cirrus

Logic,

Inc.*

12,403

957,512

Lattice

Semiconductor

Corp.*

31,713

1,930,053

MACOM

Technology

Solutions

Holdings,

Inc.*

12,589

1,085,549

MKS

Instruments,

Inc.(a)

14,561

1,550,018

Onto

Innovation,

Inc.*

11,315

1,827,373

Power

Integrations,

Inc.

12,730

954,241

Rambus,

Inc.*

24,852

1,703,108

Silicon

Laboratories,

Inc.*

7,348

906,449

Synaptics,

Inc.*

9,152

977,525

Universal

Display

Corp.

10,007

1,698,888

Wolfspeed,

Inc.*(a)

28,821

938,124

15,718,245

Software

2

.7

%

Aspen

Technology,

Inc.*

6,475

1,243,135

Blackbaud,

Inc.*(a)

10,130

819,720

CommVault

Systems,

Inc.*

10,249

939,628

Dolby

Laboratories,

Inc.,

Class

A

14,081

1,171,258

Dropbox,

Inc.,

Class

A*(a)

60,450

1,915,056

Dynatrace,

Inc.*

55,807

3,180,999

Common

Stocks

Shares

Value

($)

Software

Manhattan

Associates,

Inc.*(a)

14,216

3,448,233

Qualys,

Inc.*(a)

8,483

1,604,729

Teradata

Corp.*

22,761

1,051,103

15,373,861

Specialized

REITs

1

.8

%

CubeSmart

51,952

2,245,365

EPR

Properties

17,612

779,683

Gaming

and

Leisure

Properties,

Inc.

62,662

2,860,520

Lamar

Advertising

Co.,

Class

A

20,423

2,137,880

National

Storage

Affiliates

Trust

17,816

665,428

PotlatchDeltic

Corp.

18,343

820,482

Rayonier,

Inc.

30,929

937,149

10,446,507

Specialty

Retail

3

.7

%

AutoNation,

Inc.*(a)

5,922

827,066

Burlington

Stores,

Inc.*

14,922

2,852,340

Dick's

Sporting

Goods,

Inc.(a)

14,141

2,107,999

Five

Below,

Inc.*

12,756

2,289,192

Floor

&

Decor

Holdings,

Inc.,

Class

A*(a)

24,698

2,483,631

GameStop

Corp.,

Class

A*(a)

61,226

871,246

Gap,

Inc.

(The)(a)

49,051

916,763

Lithia

Motors,

Inc.,

Class

A

6,353

1,873,182

Murphy

USA,

Inc.

4,428

1,560,959

Penske

Automotive

Group,

Inc.(a)

4,543

674,045

RH*(a)

3,518

891,743

Valvoline,

Inc.*

31,159

1,136,992

Williams-Sonoma,

Inc.(a)

14,724

2,847,474

21,332,632

Technology

Hardware,

Storage

&

Peripherals

1

.5

%

Pure

Storage,

Inc.,

Class

A*(a)

67,248

2,689,248

Super

Micro

Computer,

Inc.*(a)

10,689

5,661,001

8,350,249

Textiles,

Apparel

&

Luxury

Goods

2

.2

%

Capri

Holdings

Ltd.*

26,606

1,296,776

Carter's,

Inc.

7,770

587,723

Columbia

Sportswear

Co.

7,226

572,733

Crocs,

Inc.*

13,871

1,407,629

Deckers

Outdoor

Corp.*

5,917

4,459,820

PVH

Corp.

13,956

1,678,349

Skechers

USA,

Inc.,

Class

A*

30,947

1,932,331

Under

Armour,

Inc.,

Class

A*

45,313

345,285

Under

Armour,

Inc.,

Class

C*

38,968

288,363

12,569,009

Trading

Companies

&

Distributors

1

.5

%

Core

&

Main,

Inc.,

Class

A*

38,763

1,601,300

GATX

Corp.

7,827

959,982

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

10,562

1,042,258

Watsco,

Inc.(a)

7,875

3,078,967

WESCO

International,

Inc.

10,249

1,778,406

8,460,913

Water

Utilities

0

.4

%

Essential

Utilities,

Inc.

58,897

2,112,046

Total

Common

Stocks

(cost

$391,895,794)

571,234,162

60

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

Repurchase

Agreements

2

.2

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$974,715,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$994,209.(b)

974,571

974,571

Nomura

Securities

International,

Inc.,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$10,001,470,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.25%

-

3.88%,

maturing

5/31/2025

-

2/15/2050;

total

market

value

$10,200,003.(b)

10,000,000

10,000,000

Santander

US

Capital

Markets,

5.30%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,856,553,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.00%,

maturing

2/6/2024

-

5/15/2053;

total

market

value

$1,893,684.

(b)

1,856,280

1,856,280

Total

Repurchase

Agreements

(cost

$12,830,851)

12,830,851

Total

Investments

(cost

$404,726,645)

—

102.1%

584,065,013

Liabilities

in

excess

of

other

assets

—

(2.1)%

(

12,015,134

)

NET

ASSETS

—

100.0%

$

572,049,879

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$56,432,500,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,830,851

and

by

$45,773,463

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$58,604,314.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$12,830,851.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

4

3/2024

USD

1,097,320

4,082

Net

contracts

4,082

As

of

January

31,

2024,

the

Fund

had

$75,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

Mid

Cap

Market

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

61

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

62

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Mid

Cap

Market

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

571,234,162

$

–

$

–

$

571,234,162

Futures

Contracts

4,082

–

–

4,082

Repurchase

Agreements

–

12,830,851

–

12,830,851

Total

$

571,238,244

$

12,830,851

$

–

$

584,069,095

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

4,082

Total

$

4,082

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

Nationwide

S&P

500

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

99

.0

%

Shares

Value

($)

Aerospace

&

Defense

1

.5

%

Axon

Enterprise,

Inc.*(a)

2,395

596,499

Boeing

Co.

(The)*

19,145

4,040,361

General

Dynamics

Corp.

7,616

2,018,164

Howmet

Aerospace,

Inc.

12,151

683,615

Huntington

Ingalls

Industries,

Inc.

1,361

352,390

L3Harris

Technologies,

Inc.

6,408

1,335,555

Lockheed

Martin

Corp.

7,429

3,190,087

Northrop

Grumman

Corp.

4,751

2,122,557

RTX

Corp.

48,376

4,408,021

Textron,

Inc.

6,828

578,400

TransDigm

Group,

Inc.

1,862

2,034,570

21,360,219

Air

Freight

&

Logistics

0

.5

%

CH

Robinson

Worldwide,

Inc.

4,135

347,712

Expeditors

International

of

Washington,

Inc.

4,847

612,322

FedEx

Corp.

7,829

1,889,059

United

Parcel

Service,

Inc.,

Class

B

24,296

3,447,602

6,296,695

Automobile

Components

0

.1

%

Aptiv

plc*

9,079

738,395

BorgWarner,

Inc.

7,763

263,166

1,001,561

Automobiles

1

.5

%

Ford

Motor

Co.(a)

133,048

1,559,323

General

Motors

Co.

45,896

1,780,765

Tesla,

Inc.*

93,011

17,420,030

20,760,118

Banks

3

.2

%

Bank

of

America

Corp.

231,635

7,877,906

Citigroup,

Inc.

64,163

3,604,036

Citizens

Financial

Group,

Inc.

15,826

517,510

Comerica,

Inc.

4,469

234,980

Fifth

Third

Bancorp

23,557

806,592

Huntington

Bancshares,

Inc.

47,529

605,044

JPMorgan

Chase

&

Co.

97,264

16,958,951

KeyCorp

31,547

458,378

M&T

Bank

Corp.

5,477

756,374

PNC

Financial

Services

Group,

Inc.

(The)(a)

13,512

2,043,149

Regions

Financial

Corp.

31,496

588,030

Truist

Financial

Corp.

45,092

1,671,110

US

Bancorp

52,535

2,182,304

Wells

Fargo

&

Co.

122,182

6,131,093

Zions

Bancorp

NA

4,570

191,483

44,626,940

Beverages

1

.5

%

Brown-Forman

Corp.,

Class

B(a)

6,148

337,525

Coca-Cola

Co.

(The)

131,119

7,800,269

Constellation

Brands,

Inc.,

Class

A

5,459

1,337,892

Keurig

Dr

Pepper,

Inc.

33,946

1,067,262

Molson

Coors

Beverage

Co.,

Class

B

6,259

386,744

Monster

Beverage

Corp.*

25,095

1,380,727

Common

Stocks

Shares

Value

($)

Beverages

PepsiCo,

Inc.

46,195

7,785,243

20,095,662

Biotechnology

2

.1

%

AbbVie,

Inc.

59,476

9,777,854

Amgen,

Inc.

18,090

5,684,964

Biogen,

Inc.*

4,900

1,208,634

Gilead

Sciences,

Inc.

41,739

3,266,494

Incyte

Corp.*

6,374

374,600

Moderna,

Inc.*(a)

11,099

1,121,554

Regeneron

Pharmaceuticals,

Inc.*

3,602

3,395,894

Vertex

Pharmaceuticals,

Inc.*

8,719

3,778,640

28,608,634

Broadline

Retail

3

.5

%

Amazon.com,

Inc.*

305,954

47,484,061

eBay,

Inc.

17,067

700,942

Etsy,

Inc.*(a)

4,176

277,954

48,462,957

Building

Products

0

.5

%

A

O

Smith

Corp.

4,096

317,891

Allegion

plc(a)

2,995

371,051

Builders

FirstSource,

Inc.*

4,152

721,327

Carrier

Global

Corp.

28,264

1,546,323

Johnson

Controls

International

plc

23,200

1,222,408

Masco

Corp.

7,621

512,817

Trane

Technologies

plc

7,721

1,946,078

6,637,895

Capital

Markets

2

.9

%

Ameriprise

Financial,

Inc.

3,405

1,317,156

Bank

of

New

York

Mellon

Corp.

(The)

26,278

1,457,378

BlackRock,

Inc.

4,683

3,626,094

Blackstone,

Inc.

23,949

2,980,453

Cboe

Global

Markets,

Inc.

3,506

644,578

Charles

Schwab

Corp.

(The)

50,312

3,165,631

CME

Group,

Inc.

12,178

2,506,719

FactSet

Research

Systems,

Inc.

1,263

601,087

Franklin

Resources,

Inc.

10,279

273,730

Goldman

Sachs

Group,

Inc.

(The)

10,972

4,213,358

Intercontinental

Exchange,

Inc.

18,954

2,413,413

Invesco

Ltd.

15,312

242,389

MarketAxess

Holdings,

Inc.

1,217

274,446

Moody's

Corp.

5,343

2,094,670

Morgan

Stanley

42,519

3,709,357

MSCI,

Inc.,

Class

A

2,635

1,577,364

Nasdaq,

Inc.

11,790

681,108

Northern

Trust

Corp.

6,766

538,844

Raymond

James

Financial,

Inc.

6,457

711,432

S&P

Global,

Inc.

10,887

4,881,186

State

Street

Corp.

10,226

755,395

T.

Rowe

Price

Group,

Inc.

7,508

814,243

39,480,031

Chemicals

1

.5

%

Air

Products

&

Chemicals,

Inc.

7,520

1,922,939

Albemarle

Corp.(a)

3,914

449,092

Celanese

Corp.,

Class

A(a)

3,261

477,052

64

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Chemicals

CF

Industries

Holdings,

Inc.

6,599

498,291

Corteva,

Inc.

24,009

1,091,929

Dow,

Inc.

23,946

1,283,506

DuPont

de

Nemours,

Inc.

14,468

894,122

Eastman

Chemical

Co.

3,768

314,816

Ecolab,

Inc.

8,386

1,662,273

FMC

Corp.

4,350

244,470

International

Flavors

&

Fragrances,

Inc.

8,741

705,224

Linde

plc

16,313

6,603,992

LyondellBasell

Industries

NV,

Class

A

8,521

801,997

Mosaic

Co.

(The)

10,944

336,090

PPG

Industries,

Inc.

7,970

1,124,089

Sherwin-Williams

Co.

(The)

7,945

2,418,299

20,828,181

Commercial

Services

&

Supplies

0

.5

%

Cintas

Corp.

2,927

1,769,576

Copart,

Inc.*

28,870

1,386,915

Republic

Services,

Inc.,

Class

A

6,889

1,178,846

Rollins,

Inc.

8,956

387,884

Veralto

Corp.

7,391

566,816

Waste

Management,

Inc.

12,307

2,284,548

7,574,585

Communications

Equipment

0

.8

%

Arista

Networks,

Inc.*

8,454

2,186,881

Cisco

Systems,

Inc.

136,275

6,838,279

F5,

Inc.*

2,045

375,666

Juniper

Networks,

Inc.

11,279

416,872

Motorola

Solutions,

Inc.

5,557

1,775,462

11,593,160

Construction

&

Engineering

0

.1

%

Quanta

Services,

Inc.(a)

4,991

968,504

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

2,069

1,051,921

Vulcan

Materials

Co.

4,435

1,002,354

2,054,275

Consumer

Finance

0

.5

%

American

Express

Co.

19,369

3,888,133

Capital

One

Financial

Corp.

12,893

1,744,681

Discover

Financial

Services

8,597

907,155

Synchrony

Financial

14,127

549,117

7,089,086

Consumer

Staples

Distribution

&

Retail

1

.8

%

Costco

Wholesale

Corp.

14,883

10,341,899

Dollar

General

Corp.

7,418

979,695

Dollar

Tree,

Inc.*

7,039

919,434

Kroger

Co.

(The)

22,109

1,020,110

Sysco

Corp.

17,154

1,388,273

Target

Corp.

15,626

2,173,264

Walgreens

Boots

Alliance,

Inc.

24,244

547,187

Walmart,

Inc.

47,898

7,915,145

25,285,007

Containers

&

Packaging

0

.2

%

Amcor

plc(a)

48,265

455,139

Avery

Dennison

Corp.

2,619

522,359

Ball

Corp.(a)

10,875

603,019

International

Paper

Co.

11,916

426,950

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Packaging

Corp.

of

America

3,045

505,105

Westrock

Co.

8,246

331,984

2,844,556

Distributors

0

.1

%

Genuine

Parts

Co.

4,652

652,350

LKQ

Corp.

8,448

394,268

Pool

Corp.(a)

1,364

506,385

1,553,003

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

239,674

4,239,833

Verizon

Communications,

Inc.

141,287

5,983,504

10,223,337

Electric

Utilities

1

.5

%

Alliant

Energy

Corp.

8,352

406,408

American

Electric

Power

Co.,

Inc.

17,428

1,361,824

Constellation

Energy

Corp.

10,865

1,325,530

Duke

Energy

Corp.(a)

26,091

2,500,301

Edison

International

12,835

866,106

Entergy

Corp.(a)

7,191

717,374

Evergy,

Inc.

7,514

381,486

Eversource

Energy

11,810

640,338

Exelon

Corp.

33,375

1,161,784

FirstEnergy

Corp.(a)

17,114

627,741

NextEra

Energy,

Inc.

68,503

4,016,331

NRG

Energy,

Inc.(a)

7,298

387,086

PG&E

Corp.

70,563

1,190,398

Pinnacle

West

Capital

Corp.

3,789

261,062

PPL

Corp.

25,495

667,969

Southern

Co.

(The)

36,916

2,566,400

Xcel

Energy,

Inc.

18,440

1,104,003

20,182,141

Electrical

Equipment

0

.6

%

AMETEK,

Inc.

7,803

1,264,476

Eaton

Corp.

plc

13,495

3,320,850

Emerson

Electric

Co.

19,348

1,774,792

Generac

Holdings,

Inc.*

2,042

232,114

Hubbell,

Inc.,

Class

B

1,810

607,382

Rockwell

Automation,

Inc.

3,889

985,006

8,184,620

Electronic

Equipment,

Instruments

&

Components

0

.6

%

Amphenol

Corp.,

Class

A

20,155

2,037,671

CDW

Corp.

4,460

1,011,171

Corning,

Inc.

25,903

841,589

Jabil,

Inc.

4,305

539,373

Keysight

Technologies,

Inc.*

5,894

903,314

TE

Connectivity

Ltd.(a)

10,379

1,475,790

Teledyne

Technologies,

Inc.*

1,565

654,906

Trimble,

Inc.*

8,611

437,955

Zebra

Technologies

Corp.,

Class

A*

1,757

420,889

8,322,658

Energy

Equipment

&

Services

0

.3

%

Baker

Hughes

Co.,

Class

A

34,035

969,998

Halliburton

Co.

30,319

1,080,872

Schlumberger

NV

47,645

2,320,311

4,371,181

Entertainment

1

.3

%

Electronic

Arts,

Inc.

8,318

1,144,390

Nationwide

S&P

500

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

4,734

420,616

Netflix,

Inc.*

14,725

8,306,520

Take-Two

Interactive

Software,

Inc.*

5,240

864,233

Walt

Disney

Co.

(The)

61,439

5,901,216

Warner

Bros

Discovery,

Inc.*

76,254

764,065

17,401,040

Financial

Services

4

.3

%

Berkshire

Hathaway,

Inc.,

Class

B*

61,213

23,489,877

Fidelity

National

Information

Services,

Inc.

20,005

1,245,511

Fiserv,

Inc.*

20,192

2,864,639

FleetCor

Technologies,

Inc.*

2,448

709,749

Global

Payments,

Inc.

8,703

1,159,501

Jack

Henry

&

Associates,

Inc.

2,500

414,575

Mastercard,

Inc.,

Class

A

27,860

12,515,548

PayPal

Holdings,

Inc.*

36,273

2,225,348

Visa,

Inc.,

Class

A(a)

53,628

14,654,387

59,279,135

Food

Products

0

.8

%

Archer-Daniels-Midland

Co.

17,961

998,272

Bunge

Global

SA

4,796

422,480

Campbell

Soup

Co.

6,894

307,679

Conagra

Brands,

Inc.

15,991

466,138

General

Mills,

Inc.

19,292

1,252,244

Hershey

Co.

(The)

4,981

964,023

Hormel

Foods

Corp.

9,810

297,930

J

M

Smucker

Co.

(The)

3,309

435,299

Kellanova

8,874

485,940

Kraft

Heinz

Co.

(The)

26,672

990,331

Lamb

Weston

Holdings,

Inc.

4,799

491,609

McCormick

&

Co.,

Inc.

(Non-Voting)

8,682

591,765

Mondelez

International,

Inc.,

Class

A

46,106

3,470,399

Tyson

Foods,

Inc.,

Class

A

9,859

539,879

11,713,988

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

5,000

569,700

Ground

Transportation

1

.1

%

CSX

Corp.

66,412

2,370,908

JB

Hunt

Transport

Services,

Inc.

2,782

559,126

Norfolk

Southern

Corp.

7,530

1,771,357

Old

Dominion

Freight

Line,

Inc.

3,042

1,189,483

Uber

Technologies,

Inc.*

69,234

4,518,903

Union

Pacific

Corp.

20,464

4,991,784

15,401,561

Health

Care

Equipment

&

Supplies

2

.6

%

Abbott

Laboratories

58,502

6,619,501

Align

Technology,

Inc.*

2,409

643,974

Baxter

International,

Inc.

17,037

659,162

Becton

Dickinson

&

Co.

9,615

2,296,158

Boston

Scientific

Corp.*

48,674

3,079,117

Cooper

Cos.,

Inc.

(The)

1,724

643,104

Dentsply

Sirona,

Inc.

7,284

253,119

Dexcom,

Inc.*

13,124

1,592,598

Edwards

Lifesciences

Corp.*

20,524

1,610,518

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GE

HealthCare

Technologies,

Inc.

12,315

903,428

Hologic,

Inc.*

8,466

630,209

IDEXX

Laboratories,

Inc.*

2,801

1,442,739

Insulet

Corp.*(a)

2,392

456,561

Intuitive

Surgical,

Inc.*

11,863

4,486,824

Medtronic

plc

45,042

3,942,977

ResMed,

Inc.

5,075

965,265

STERIS

plc

3,415

747,714

Stryker

Corp.

11,438

3,837,220

Teleflex,

Inc.

1,518

368,616

Zimmer

Biomet

Holdings,

Inc.

7,050

885,480

36,064,284

Health

Care

Providers

&

Services

2

.8

%

Cardinal

Health,

Inc.

8,253

901,145

Cencora,

Inc.

5,604

1,303,939

Centene

Corp.*

17,931

1,350,384

Cigna

Group

(The)

9,845

2,962,853

CVS

Health

Corp.

43,403

3,227,881

DaVita,

Inc.*

1,981

214,265

Elevance

Health,

Inc.

7,941

3,918,407

HCA

Healthcare,

Inc.

6,641

2,024,841

Henry

Schein,

Inc.*

4,435

331,915

Humana,

Inc.

4,149

1,568,571

Laboratory

Corp.

of

America

Holdings

2,891

642,669

McKesson

Corp.

4,477

2,238,008

Molina

Healthcare,

Inc.*

1,935

689,711

Quest

Diagnostics,

Inc.

3,860

495,740

UnitedHealth

Group,

Inc.

31,118

15,924,325

Universal

Health

Services,

Inc.,

Class

B

1,922

305,233

38,099,887

Health

Care

REITs

0

.2

%

Healthpeak

Properties,

Inc.

18,549

343,157

Ventas,

Inc.

13,632

632,388

Welltower,

Inc.

17,999

1,557,093

2,532,638

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.

24,873

478,059

Hotels,

Restaurants

&

Leisure

2

.1

%

Airbnb,

Inc.,

Class

A*

14,386

2,073,598

Booking

Holdings,

Inc.*

1,174

4,117,770

Caesars

Entertainment,

Inc.*

6,912

303,229

Carnival

Corp.*(a)

33,795

560,321

Chipotle

Mexican

Grill,

Inc.,

Class

A*

934

2,249,791

Darden

Restaurants,

Inc.(a)

4,187

680,723

Domino's

Pizza,

Inc.

1,143

487,170

Expedia

Group,

Inc.*(a)

4,446

659,475

Hilton

Worldwide

Holdings,

Inc.

8,628

1,647,603

Las

Vegas

Sands

Corp.

12,420

607,586

Marriott

International,

Inc.,

Class

A

8,272

1,983,047

McDonald's

Corp.

24,403

7,143,246

MGM

Resorts

International*

9,049

392,455

Norwegian

Cruise

Line

Holdings

Ltd.*

13,986

248,951

Royal

Caribbean

Cruises

Ltd.*

7,614

970,785

66

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Starbucks

Corp.

38,412

3,573,468

Wynn

Resorts

Ltd.

3,460

326,728

Yum!

Brands,

Inc.

9,482

1,227,824

29,253,770

Household

Durables

0

.4

%

DR

Horton,

Inc.

10,177

1,454,395

Garmin

Ltd.

5,174

618,241

Lennar

Corp.,

Class

A

8,454

1,266,832

Mohawk

Industries,

Inc.*

1,959

204,226

NVR,

Inc.*

103

728,755

PulteGroup,

Inc.(a)

7,432

777,090

Whirlpool

Corp.(a)

1,813

198,560

5,248,099

Household

Products

1

.3

%

Church

&

Dwight

Co.,

Inc.

8,446

843,333

Clorox

Co.

(The)

4,300

624,575

Colgate-Palmolive

Co.

27,580

2,322,236

Kimberly-Clark

Corp.

11,422

1,381,719

Procter

&

Gamble

Co.

(The)

79,272

12,456,802

17,628,665

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

22,264

371,363

Industrial

Conglomerates

0

.8

%

3M

Co.

18,677

1,762,175

General

Electric

Co.

36,541

4,838,759

Honeywell

International,

Inc.

22,131

4,476,216

11,077,150

Industrial

REITs

0

.3

%

Prologis,

Inc.

31,264

3,960,836

Insurance

2

.1

%

Aflac,

Inc.

18,118

1,528,072

Allstate

Corp.

(The)

8,773

1,362,008

American

International

Group,

Inc.

23,878

1,659,760

Aon

plc,

Class

A

6,683

1,994,408

Arch

Capital

Group

Ltd.*

12,512

1,031,364

Arthur

J

Gallagher

&

Co.

7,214

1,674,802

Assurant,

Inc.

1,812

304,325

Brown

&

Brown,

Inc.

7,926

614,740

Chubb

Ltd.

13,665

3,347,925

Cincinnati

Financial

Corp.

5,373

595,328

Everest

Group

Ltd.

1,505

579,380

Globe

Life,

Inc.

2,785

342,054

Hartford

Financial

Services

Group,

Inc.

(The)

10,005

870,035

Loews

Corp.

6,164

449,109

Marsh

&

McLennan

Cos.,

Inc.

16,551

3,208,246

MetLife,

Inc.

21,187

1,468,683

Principal

Financial

Group,

Inc.

7,248

573,317

Progressive

Corp.

(The)

19,818

3,532,558

Prudential

Financial,

Inc.

12,261

1,286,547

Travelers

Cos.,

Inc.

(The)

7,605

1,607,393

W

R

Berkley

Corp.(a)

6,509

532,957

Willis

Towers

Watson

plc

3,430

844,809

29,407,820

Interactive

Media

&

Services

5

.9

%

Alphabet,

Inc.,

Class

A*

199,103

27,894,330

Alphabet,

Inc.,

Class

C*

167,571

23,761,568

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

Match

Group,

Inc.*

9,738

373,744

Meta

Platforms,

Inc.,

Class

A*

74,676

29,134,095

81,163,737

IT

Services

1

.3

%

Accenture

plc,

Class

A

21,115

7,683,326

Akamai

Technologies,

Inc.*

5,153

635,004

Cognizant

Technology

Solutions

Corp.,

Class

A

16,634

1,282,814

EPAM

Systems,

Inc.*

2,016

560,670

Gartner,

Inc.*

2,638

1,206,727

International

Business

Machines

Corp.

30,742

5,646,076

VeriSign,

Inc.*

3,066

609,766

17,624,383

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

4,174

204,317

Life

Sciences

Tools

&

Services

1

.4

%

Agilent

Technologies,

Inc.

9,707

1,262,881

Bio-Rad

Laboratories,

Inc.,

Class

A*

665

213,392

Bio-Techne

Corp.

5,266

370,305

Charles

River

Laboratories

International,

Inc.*

1,775

383,897

Danaher

Corp.

22,173

5,319,525

Illumina,

Inc.*

5,315

760,098

IQVIA

Holdings,

Inc.*

6,100

1,270,203

Mettler-Toledo

International,

Inc.*

728

871,554

Revvity,

Inc.(a)

4,212

451,442

Thermo

Fisher

Scientific,

Inc.

12,979

6,995,421

Waters

Corp.*

2,020

641,774

West

Pharmaceutical

Services,

Inc.(a)

2,497

931,456

19,471,948

Machinery

1

.7

%

Caterpillar,

Inc.

17,213

5,169,236

Cummins,

Inc.

4,773

1,142,179

Deere

&

Co.

9,011

3,546,549

Dover

Corp.

4,591

687,640

Fortive

Corp.

11,970

935,815

IDEX

Corp.

2,574

544,401

Illinois

Tool

Works,

Inc.

9,206

2,401,845

Ingersoll

Rand,

Inc.

13,656

1,090,568

Nordson

Corp.

1,837

462,410

Otis

Worldwide

Corp.

13,540

1,197,478

PACCAR,

Inc.

17,692

1,776,100

Parker-Hannifin

Corp.

4,343

2,017,323

Pentair

plc

5,688

416,191

Snap-on,

Inc.

1,747

506,508

Stanley

Black

&

Decker,

Inc.

5,079

473,871

Westinghouse

Air

Brake

Technologies

Corp.

6,063

797,709

Xylem,

Inc.

8,210

923,132

24,088,955

Media

0

.7

%

Charter

Communications,

Inc.,

Class

A*(a)

3,430

1,271,535

Comcast

Corp.,

Class

A

135,101

6,287,601

Fox

Corp.,

Class

A

8,906

287,664

Fox

Corp.,

Class

B

5,046

151,430

Nationwide

S&P

500

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Media

Interpublic

Group

of

Cos.,

Inc.

(The)

12,707

419,204

News

Corp.,

Class

A

13,611

335,375

News

Corp.,

Class

B(a)

3,166

80,955

Omnicom

Group,

Inc.

6,755

610,517

Paramount

Global,

Class

B

16,404

239,334

9,683,615

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

48,524

1,925,918

Newmont

Corp.

38,870

1,341,404

Nucor

Corp.

8,266

1,545,163

Steel

Dynamics,

Inc.

5,095

614,915

5,427,400

Multi-Utilities

0

.6

%

Ameren

Corp.

8,587

597,398

CenterPoint

Energy,

Inc.

21,304

595,234

CMS

Energy

Corp.(a)

9,902

565,998

Consolidated

Edison,

Inc.

11,732

1,066,439

Dominion

Energy,

Inc.

28,129

1,286,058

DTE

Energy

Co.

6,906

728,031

NiSource,

Inc.

14,623

379,759

Public

Service

Enterprise

Group,

Inc.(a)

16,893

979,625

Sempra(a)

21,306

1,524,657

WEC

Energy

Group,

Inc.(a)

10,458

844,588

8,567,787

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

5,122

619,250

Boston

Properties,

Inc.

4,960

329,840

949,090

Oil,

Gas

&

Consumable

Fuels

3

.4

%

APA

Corp.

10,433

326,866

Chevron

Corp.(a)

59,065

8,707,953

ConocoPhillips

39,949

4,469,095

Coterra

Energy,

Inc.

25,644

638,023

Devon

Energy

Corp.

21,725

912,884

Diamondback

Energy,

Inc.

6,081

934,893

EOG

Resources,

Inc.

19,518

2,220,953

EQT

Corp.

13,839

489,900

Exxon

Mobil

Corp.

134,766

13,855,292

Hess

Corp.

9,356

1,314,799

Kinder

Morgan,

Inc.(a)

64,142

1,085,283

Marathon

Oil

Corp.

19,280

440,548

Marathon

Petroleum

Corp.

12,774

2,115,374

Occidental

Petroleum

Corp.(a)

22,388

1,288,877

ONEOK,

Inc.

19,695

1,344,184

Phillips

66

14,715

2,123,522

Pioneer

Natural

Resources

Co.

7,913

1,818,645

Targa

Resources

Corp.

7,576

643,657

Valero

Energy

Corp.

11,455

1,591,099

Williams

Cos.,

Inc.

(The)

41,242

1,429,448

47,751,295

Passenger

Airlines

0

.2

%

American

Airlines

Group,

Inc.*

21,076

299,912

Delta

Air

Lines,

Inc.

21,759

851,647

Southwest

Airlines

Co.

19,716

589,311

Common

Stocks

Shares

Value

($)

Passenger

Airlines

United

Airlines

Holdings,

Inc.*

10,879

450,173

2,191,043

Personal

Care

Products

0

.2

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,850

1,036,122

Kenvue,

Inc.

58,328

1,210,889

2,247,011

Pharmaceuticals

3

.8

%

Bristol-Myers

Squibb

Co.

68,457

3,345,494

Catalent,

Inc.*

6,061

312,990

Eli

Lilly

&

Co.

26,828

17,320,425

Johnson

&

Johnson

80,990

12,869,311

Merck

&

Co.,

Inc.

85,181

10,288,161

Pfizer,

Inc.

189,755

5,138,565

Viatris,

Inc.

41,454

487,914

Zoetis,

Inc.,

Class

A

15,443

2,900,350

52,663,210

Professional

Services

0

.7

%

Automatic

Data

Processing,

Inc.

13,833

3,399,875

Broadridge

Financial

Solutions,

Inc.

4,033

823,539

Ceridian

HCM

Holding,

Inc.*(a)

5,099

354,482

Equifax,

Inc.(a)

4,152

1,014,500

Jacobs

Solutions,

Inc.

4,374

589,484

Leidos

Holdings,

Inc.

4,438

490,266

Paychex,

Inc.

10,862

1,322,231

Paycom

Software,

Inc.

1,618

307,808

Robert

Half,

Inc.

3,516

279,663

Verisk

Analytics,

Inc.,

Class

A

4,902

1,183,980

9,765,828

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*

10,406

898,142

CoStar

Group,

Inc.*

13,665

1,140,754

2,038,896

Residential

REITs

0

.3

%

AvalonBay

Communities,

Inc.

4,767

853,341

Camden

Property

Trust

3,692

346,457

Equity

Residential

11,545

694,894

Essex

Property

Trust,

Inc.

2,207

514,827

Invitation

Homes,

Inc.

19,511

642,497

Mid-America

Apartment

Communities,

Inc.

3,922

495,662

UDR,

Inc.

10,678

384,622

3,932,300

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust

2,636

268,160

Kimco

Realty

Corp.

20,313

410,323

Realty

Income

Corp.

27,975

1,521,560

Regency

Centers

Corp.

5,396

338,167

Simon

Property

Group,

Inc.

11,070

1,534,413

4,072,623

Semiconductors

&

Semiconductor

Equipment

8

.6

%

Advanced

Micro

Devices,

Inc.*

54,519

9,142,291

Analog

Devices,

Inc.

16,702

3,212,797

Applied

Materials,

Inc.

28,082

4,613,872

Broadcom,

Inc.

14,760

17,416,800

Enphase

Energy,

Inc.*(a)

4,611

480,143

68

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

First

Solar,

Inc.*

3,347

489,666

Intel

Corp.

141,210

6,083,327

KLA

Corp.

4,573

2,716,545

Lam

Research

Corp.

4,434

3,658,804

Microchip

Technology,

Inc.

18,105

1,542,184

Micron

Technology,

Inc.

37,051

3,177,123

Monolithic

Power

Systems,

Inc.

1,525

919,148

NVIDIA

Corp.

83,100

51,128,937

NXP

Semiconductors

NV

8,794

1,851,752

ON

Semiconductor

Corp.*

14,621

1,039,992

Qorvo,

Inc.*

3,451

344,203

QUALCOMM,

Inc.

37,427

5,558,284

Skyworks

Solutions,

Inc.

5,237

547,057

Teradyne,

Inc.(a)

5,198

502,075

Texas

Instruments,

Inc.

30,484

4,881,098

119,306,098

Software

11

.1

%

Adobe,

Inc.*

15,317

9,462,536

ANSYS,

Inc.*

2,930

960,542

Autodesk,

Inc.*

7,250

1,840,123

Cadence

Design

Systems,

Inc.*

9,232

2,663,063

Fair

Isaac

Corp.*

825

989,035

Fortinet,

Inc.*

21,333

1,375,765

Gen

Digital,

Inc.

19,462

456,968

Intuit,

Inc.

9,428

5,952,179

Microsoft

Corp.

250,049

99,414,481

Oracle

Corp.

53,119

5,933,392

Palo

Alto

Networks,

Inc.*

10,245

3,468,035

PTC,

Inc.*

3,660

661,179

Roper

Technologies,

Inc.(a)

3,609

1,938,033

Salesforce,

Inc.*

32,709

9,194,173

ServiceNow,

Inc.*

6,898

5,279,729

Synopsys,

Inc.*

5,156

2,749,953

Tyler

Technologies,

Inc.*

1,423

601,573

152,940,759

Specialized

REITs

1

.1

%

American

Tower

Corp.

15,778

3,086,966

Crown

Castle,

Inc.

14,682

1,589,327

Digital

Realty

Trust,

Inc.

9,864

1,385,497

Equinix,

Inc.

3,166

2,627,052

Extra

Space

Storage,

Inc.

7,148

1,032,457

Iron

Mountain,

Inc.

10,033

677,428

Public

Storage

5,357

1,517,049

SBA

Communications

Corp.,

Class

A

3,668

821,118

VICI

Properties,

Inc.,

Class

A

33,606

1,012,213

Weyerhaeuser

Co.

24,550

804,503

14,553,610

Specialty

Retail

2

.0

%

AutoZone,

Inc.*

593

1,637,943

Bath

&

Body

Works,

Inc.

8,139

347,210

Best

Buy

Co.,

Inc.

6,767

490,540

CarMax,

Inc.*(a)

5,381

383,020

Home

Depot,

Inc.

(The)

33,646

11,875,692

Lowe's

Cos.,

Inc.

19,416

4,132,502

O'Reilly

Automotive,

Inc.*

1,979

2,024,616

Ross

Stores,

Inc.

11,290

1,583,761

TJX

Cos.,

Inc.

(The)

38,573

3,660,963

Common

Stocks

Shares

Value

($)

Specialty

Retail

Tractor

Supply

Co.(a)

3,692

829,223

Ulta

Beauty,

Inc.*

1,663

834,909

27,800,379

Technology

Hardware,

Storage

&

Peripherals

6

.8

%

Apple,

Inc.

491,857

90,698,431

Hewlett

Packard

Enterprise

Co.

42,420

648,602

HP,

Inc.

29,349

842,610

NetApp,

Inc.

6,913

602,814

Seagate

Technology

Holdings

plc

6,487

555,806

Western

Digital

Corp.*

10,746

615,208

93,963,471

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Lululemon

Athletica,

Inc.*

3,827

1,736,769

NIKE,

Inc.,

Class

B

41,320

4,195,220

Ralph

Lauren

Corp.,

Class

A

1,456

209,183

Tapestry,

Inc.

7,968

309,079

VF

Corp.

11,221

184,698

6,634,949

Tobacco

0

.5

%

Altria

Group,

Inc.

59,589

2,390,710

Philip

Morris

International,

Inc.

52,128

4,735,829

7,126,539

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

19,328

1,318,750

United

Rentals,

Inc.

2,303

1,440,296

WW

Grainger,

Inc.

1,464

1,311,217

4,070,263

Water

Utilities

0

.1

%

American

Water

Works

Co.,

Inc.

6,676

827,957

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.

17,120

2,760,258

Total

Common

Stocks

(cost

$665,502,152)

1,368,720,722

Repurchase

Agreement

0

.0

%

†

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$502,610,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$512,661.(b)

502,535

502,535

Total

Repurchase

Agreement

(cost

$502,535)

502,535

Total

Investments

(cost

$666,004,687)

—

99.0%

1,369,223,257

Other

assets

in

excess

of

liabilities

—

1.0%

14,078,428

NET

ASSETS

—

100.0%

$

1,383,301,685

Nationwide

S&P

500

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

69

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$50,918,560,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$502,535

and

by

$52,319,686

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$52,822,221.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$502,535.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

60

3/2024

USD

14,611,500

180,450

Net

contracts

180,450

As

of

January

31,

2024,

the

Fund

had

$692,200

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

70

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

S&P

500

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

71

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,368,720,722

$

–

$

–

$

1,368,720,722

Futures

Contracts

180,450

–

–

180,450

Repurchase

Agreement

–

502,535

–

502,535

Total

$

1,368,901,172

$

502,535

$

–

$

1,369,403,707

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

180,450

Total

$

180,450

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

72

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Closed

End

Fund

Closed

End

Fund

0.0%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0.0%

†

NexPoint

Diversified

Real

Estate

Trust

2,975

20,528

Total

Closed

End

Fund

(cost  $31,500)

20,528

Common

Stocks

100.0%

Shares

Value

($)

Aerospace

&

Defense

1.0%

AAR

Corp.*

3,090

187,934

AeroVironment,

Inc.*

2,336

281,815

AerSale

Corp.*

2,420

22,506

Archer

Aviation,

Inc.,

Class

A*(a)

13,751

66,417

Astronics

Corp.*

2,468

41,734

Cadre

Holdings,

Inc.

1,648

56,016

Ducommun,

Inc.*

1,249

61,638

Eve

Holding,

Inc.*

1,713

10,621

Kaman

Corp.

2,635

118,707

Kratos

Defense

&

Security

Solutions,

Inc.*(a)

11,723

198,470

Leonardo

DRS,

Inc.*

6,302

122,322

Moog,

Inc.,

Class

A

2,557

357,469

National

Presto

Industries,

Inc.

485

38,397

Park

Aerospace

Corp.

1,559

22,995

Parsons

Corp.*

3,696

240,794

Redwire

Corp.*(a)

1,177

3,413

Rocket

Lab

USA,

Inc.*(a)

25,034

121,415

Terran

Orbital

Corp.*(a)

9,164

7,585

Triumph

Group,

Inc.*

5,586

90,493

V2X,

Inc.*

947

36,829

Virgin

Galactic

Holdings,

Inc.*(a)

30,031

53,455

2,141,025

Air

Freight

&

Logistics

0.2%

Air

Transport

Services

Group,

Inc.*

4,874

75,498

Forward

Air

Corp.

2,272

100,718

Hub

Group,

Inc.,

Class

A*

5,652

255,922

Radiant

Logistics,

Inc.*

3,719

22,835

454,973

Automobile

Components

1.3%

Adient

plc*(a)

8,614

298,992

American

Axle

&

Manufacturing

Holdings,

Inc.*

10,514

85,058

Atmus

Filtration

Technologies,

Inc.*

1,500

33,495

Cooper-Standard

Holdings,

Inc.*

1,496

26,315

Dana,

Inc.(a)

11,787

159,832

Dorman

Products,

Inc.*

2,327

189,441

Fox

Factory

Holding

Corp.*

3,833

241,632

Gentherm,

Inc.*(a)

2,945

141,802

Goodyear

Tire

&

Rubber

Co.

(The)*

25,216

351,511

Holley,

Inc.*

4,418

21,074

LCI

Industries(a)

2,216

246,596

Common

Stocks

Shares

Value

($)

Automobile

Components

Luminar

Technologies,

Inc.,

Class

A*(a)

23,970

65,198

Modine

Manufacturing

Co.*

4,654

321,545

Patrick

Industries,

Inc.(a)

1,940

194,757

Solid

Power,

Inc.*(a)

13,746

22,269

Standard

Motor

Products,

Inc.

1,863

75,172

Stoneridge,

Inc.*

2,472

43,977

Visteon

Corp.*

2,523

290,877

XPEL,

Inc.

Reg.

S*

2,021

108,022

2,917,565

Automobiles

0.1%

Fisker,

Inc.,

Class

A*(a)

17,291

13,875

Livewire

Group,

Inc.*(a)

1,723

17,092

Winnebago

Industries,

Inc.

2,667

175,275

Workhorse

Group,

Inc.*(a)

14,864

3,939

210,181

Banks

9.2%

1st

Source

Corp.

1,447

75,635

ACNB

Corp.

702

27,399

Amalgamated

Financial

Corp.

1,525

40,504

Amerant

Bancorp,

Inc.,

Class

A

2,426

54,852

American

National

Bankshares,

Inc.

852

38,587

Ameris

Bancorp

6,033

299,478

Ames

National

Corp.(a)

815

17,229

Arrow

Financial

Corp.

1,496

37,684

Associated

Banc-Corp.

13,720

288,257

Atlantic

Union

Bankshares

Corp.(a)

6,708

229,145

Axos

Financial,

Inc.*

5,003

277,316

Banc

of

California,

Inc.

11,995

165,291

BancFirst

Corp.(a)

2,015

178,348

Bancorp,

Inc.

(The)*

4,736

206,679

Bank

First

Corp.

805

67,974

Bank

of

Hawaii

Corp.(a)

3,410

215,614

Bank

of

Marin

Bancorp

1,552

30,388

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,399

133,422

Bank7

Corp.

353

9,866

BankUnited,

Inc.

6,813

192,535

Bankwell

Financial

Group,

Inc.

706

19,592

Banner

Corp.

3,115

145,097

Bar

Harbor

Bankshares

1,512

39,781

BayCom

Corp.

972

19,839

BCB

Bancorp,

Inc.

1,417

17,599

Berkshire

Hills

Bancorp,

Inc.

3,916

93,984

Blue

Foundry

Bancorp*(a)

2,445

23,325

Blue

Ridge

Bankshares,

Inc.

1,644

4,110

Bridgewater

Bancshares,

Inc.*

2,014

25,195

Brookline

Bancorp,

Inc.

8,138

88,053

Burke

&

Herbert

Financial

Services

Corp.(a)

500

29,200

Business

First

Bancshares,

Inc.

1,993

44,942

Byline

Bancorp,

Inc.

2,437

53,224

C&F

Financial

Corp.

311

17,261

Cadence

Bank

15,354

408,723

Cambridge

Bancorp

676

46,367

Camden

National

Corp.

1,216

43,812

Capital

Bancorp,

Inc.

850

18,496

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Banks

Capital

City

Bank

Group,

Inc.

1,220

34,868

Capitol

Federal

Financial,

Inc.

(a)

11,176

70,856

Capstar

Financial

Holdings,

Inc.

1,599

29,086

Carter

Bankshares,

Inc.*

1,894

27,387

Cathay

General

Bancorp

6,356

261,677

Central

Pacific

Financial

Corp.

2,361

45,496

Central

Valley

Community

Bancorp

945

18,352

Chemung

Financial

Corp.

331

15,398

ChoiceOne

Financial

Services,

Inc.(a)

661

17,635

Citizens

&

Northern

Corp.

1,303

26,412

Citizens

Financial

Services,

Inc.(a)

295

17,272

City

Holding

Co.(a)

1,362

139,210

Civista

Bancshares,

Inc.

1,468

25,088

CNB

Financial

Corp.

1,946

41,547

Coastal

Financial

Corp.*(a)

962

38,384

Codorus

Valley

Bancorp,

Inc.

908

21,402

Colony

Bankcorp,

Inc.

1,315

16,082

Columbia

Financial,

Inc.*(a)

2,643

47,521

Community

Bank

System,

Inc.

(a)

4,791

219,284

Community

Trust

Bancorp,

Inc.

1,359

56,398

ConnectOne

Bancorp,

Inc.

3,288

75,098

CrossFirst

Bankshares,

Inc.*

3,932

55,520

Customers

Bancorp,

Inc.*(a)

2,513

134,295

CVB

Financial

Corp.

11,909

199,714

Dime

Community

Bancshares,

Inc.

3,302

75,319

Eagle

Bancorp,

Inc.

2,798

69,362

Eastern

Bankshares,

Inc.

14,118

197,087

Enterprise

Bancorp,

Inc.

946

26,885

Enterprise

Financial

Services

Corp.

3,243

135,006

Equity

Bancshares,

Inc.,

Class

A

1,391

45,694

Esquire

Financial

Holdings,

Inc.

597

29,766

ESSA

Bancorp,

Inc.

822

15,626

Evans

Bancorp,

Inc.(a)

496

14,617

Farmers

&

Merchants

Bancorp,

Inc.

1,241

28,047

Farmers

National

Banc

Corp.

3,247

44,549

FB

Financial

Corp.

3,235

120,504

Fidelity

D&D

Bancorp,

Inc.(a)

441

21,935

Financial

Institutions,

Inc.

1,547

32,332

First

Bancorp

19,491

391,266

First

Bancorp,

Inc.

(The)

1,016

25,400

First

Bancshares,

Inc.

(The)

2,872

73,035

First

Bank

1,606

22,066

First

Busey

Corp.

4,703

110,709

First

Business

Financial

Services,

Inc.

696

25,592

First

Commonwealth

Financial

Corp.

9,045

126,720

First

Community

Bankshares,

Inc.

1,606

55,054

First

Community

Corp.

698

13,053

Common

Stocks

Shares

Value

($)

Banks

First

Financial

Bancorp

8,529

191,220

First

Financial

Bankshares,

Inc.(a)

11,841

369,794

First

Financial

Corp.

1,029

40,563

First

Foundation,

Inc.

4,201

39,994

First

Interstate

BancSystem,

Inc.,

Class

A

7,546

207,666

First

Merchants

Corp.

5,484

185,414

First

Mid

Bancshares,

Inc.

1,897

59,699

First

of

Long

Island

Corp.

(The)

2,185

26,264

First

Western

Financial,

Inc.*

851

14,510

Five

Star

Bancorp

1,179

28,096

Flushing

Financial

Corp.

2,284

36,613

FS

Bancorp,

Inc.

627

23,086

Fulton

Financial

Corp.(a)

14,638

228,206

FVCBankcorp,

Inc.*

1,611

19,767

German

American

Bancorp,

Inc.

2,417

80,075

Glacier

Bancorp,

Inc.

10,078

389,615

Great

Southern

Bancorp,

Inc.

783

40,786

Greene

County

Bancorp,

Inc.

542

13,550

Guaranty

Bancshares,

Inc.(a)

792

24,148

Hancock

Whitney

Corp.

7,825

352,986

Hanmi

Financial

Corp.

3,030

50,752

HarborOne

Bancorp,

Inc.

3,377

36,877

HBT

Financial,

Inc.

1,117

21,748

Heartland

Financial

USA,

Inc.

3,910

138,688

Heritage

Commerce

Corp.

5,783

51,411

Heritage

Financial

Corp.

3,262

65,729

Hilltop

Holdings,

Inc.

4,190

131,943

Hingham

Institution

for

Savings(a)

139

25,696

Home

Bancorp,

Inc.

746

29,706

Home

BancShares,

Inc.

17,057

399,816

HomeStreet,

Inc.

1,670

22,979

HomeTrust

Bancshares,

Inc.

1,349

36,625

Hope

Bancorp,

Inc.

10,944

121,260

Horizon

Bancorp,

Inc.

4,114

53,935

Independent

Bank

Corp.

5,743

267,966

Independent

Bank

Group,

Inc.

3,281

158,636

International

Bancshares

Corp.

4,892

258,591

John

Marshall

Bancorp,

Inc.

1,161

22,059

Kearny

Financial

Corp.

4,981

36,013

Lakeland

Bancorp,

Inc.

5,850

77,746

Lakeland

Financial

Corp.

2,202

147,446

LCNB

Corp.

1,001

14,785

Live

Oak

Bancshares,

Inc.

3,107

113,002

Luther

Burbank

Corp.*

1,124

10,790

Macatawa

Bank

Corp.

2,314

24,667

MainStreet

Bancshares,

Inc.

(a)

659

12,205

Mercantile

Bank

Corp.

1,485

59,534

Metrocity

Bankshares,

Inc.

1,755

41,945

Metropolitan

Bank

Holding

Corp.*(a)

935

45,338

Mid

Penn

Bancorp,

Inc.

1,338

28,606

Middlefield

Banc

Corp.(a)

744

19,642

Midland

States

Bancorp,

Inc.

2,010

52,783

MidWestOne

Financial

Group,

Inc.

1,433

36,541

MVB

Financial

Corp.

976

20,916

74

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

National

Bank

Holdings

Corp.,

Class

A

2,910

101,850

National

Bankshares,

Inc.

547

17,646

NBT

Bancorp,

Inc.

3,926

139,648

Nicolet

Bankshares,

Inc.

1,168

90,835

Northeast

Bank

552

30,266

Northeast

Community

Bancorp,

Inc.

894

15,404

Northfield

Bancorp,

Inc.

3,885

46,737

Northrim

Bancorp,

Inc.

521

26,326

Northwest

Bancshares,

Inc.

11,140

137,802

Norwood

Financial

Corp.(a)

698

19,118

Oak

Valley

Bancorp(a)

637

16,594

OceanFirst

Financial

Corp.

5,399

93,025

OFG

Bancorp

4,170

153,331

Old

National

Bancorp

26,455

435,714

Old

Second

Bancorp,

Inc.

3,799

51,742

Orange

County

Bancorp,

Inc.

(a)

483

23,445

Origin

Bancorp,

Inc.

2,570

78,385

Orrstown

Financial

Services,

Inc.

1,042

28,843

Pacific

Premier

Bancorp,

Inc.

8,257

209,480

Park

National

Corp.

1,301

170,015

Parke

Bancorp,

Inc.(a)

1,095

20,268

Pathward

Financial,

Inc.

2,360

122,201

PCB

Bancorp

1,142

19,129

Peapack-Gladstone

Financial

Corp.

1,716

47,327

Penns

Woods

Bancorp,

Inc.(a)

649

13,992

Peoples

Bancorp,

Inc.

3,217

94,258

Peoples

Financial

Services

Corp.

684

29,898

Pioneer

Bancorp,

Inc.*

1,383

13,484

Plumas

Bancorp

518

18,275

Ponce

Financial

Group,

Inc.*

1,936

17,540

Preferred

Bank(a)

816

58,621

Premier

Financial

Corp.

3,339

69,752

Primis

Financial

Corp.

1,688

22,282

Princeton

Bancorp,

Inc.

481

15,709

Provident

Financial

Services,

Inc.

6,956

115,122

QCR

Holdings,

Inc.

1,503

87,790

RBB

Bancorp

1,657

29,312

Red

River

Bancshares,

Inc.

432

22,123

Renasant

Corp.

4,965

157,043

Republic

Bancorp,

Inc.,

Class

A

828

42,385

S&T

Bancorp,

Inc.

3,473

115,790

Sandy

Spring

Bancorp,

Inc.

3,964

96,642

Seacoast

Banking

Corp.

of

Florida

7,530

184,937

ServisFirst

Bancshares,

Inc.(a)

4,549

305,420

Shore

Bancshares,

Inc.

2,830

36,620

Sierra

Bancorp

1,149

23,842

Simmons

First

National

Corp.,

Class

A

11,397

216,657

SmartFinancial,

Inc.

1,478

34,378

South

Plains

Financial,

Inc.

1,038

28,109

Southern

First

Bancshares,

Inc.*

712

26,693

Common

Stocks

Shares

Value

($)

Banks

Southern

Missouri

Bancorp,

Inc.

837

36,502

Southern

States

Bancshares,

Inc.

710

18,148

Southside

Bancshares,

Inc.

2,523

78,970

SouthState

Corp.

6,889

572,476

Stellar

Bancorp,

Inc.

4,460

111,634

Sterling

Bancorp,

Inc.*

1,722

9,316

Stock

Yards

Bancorp,

Inc.(a)

2,406

119,626

Summit

Financial

Group,

Inc.

911

25,772

Texas

Capital

Bancshares,

Inc.*

4,386

267,546

Third

Coast

Bancshares,

Inc.*

1,009

19,171

Timberland

Bancorp,

Inc.

714

19,971

Tompkins

Financial

Corp.

1,344

66,380

Towne

Bank

6,545

183,980

TriCo

Bancshares

2,897

105,306

Triumph

Financial,

Inc.*

2,029

143,349

TrustCo

Bank

Corp.

1,233

35,634

Trustmark

Corp.

5,693

153,654

UMB

Financial

Corp.

3,972

327,690

United

Bankshares,

Inc.

11,849

424,787

United

Community

Banks,

Inc.

10,234

279,798

Unity

Bancorp,

Inc.

713

19,529

Univest

Financial

Corp.

2,733

58,049

USCB

Financial

Holdings,

Inc.*

633

7,678

Valley

National

Bancorp(a)

39,362

378,662

Veritex

Holdings,

Inc.

4,372

91,856

Virginia

National

Bankshares

Corp.

447

14,755

WaFd,

Inc.

5,881

170,784

Washington

Trust

Bancorp,

Inc.

1,606

44,663

WesBanco,

Inc.

5,262

154,387

West

Bancorp,

Inc.

1,569

29,513

Westamerica

Bancorp

2,290

109,279

WSFS

Financial

Corp.

5,587

248,677

20,366,184

Beverages

0.4%

Coca-Cola

Consolidated,

Inc.

430

370,398

Duckhorn

Portfolio,

Inc.

(The)*

3,698

31,914

MGP

Ingredients,

Inc.

1,442

122,498

National

Beverage

Corp.*

2,083

96,318

Primo

Water

Corp.

14,255

207,838

Vita

Coco

Co.,

Inc.

(The)*

2,601

51,213

Zevia

PBC,

Class

A*

2,360

4,012

884,191

Biotechnology

7.7%

2seventy

bio,

Inc.*(a)

4,753

24,430

4D

Molecular

Therapeutics,

Inc.*

3,625

62,531

89bio,

Inc.*

5,849

57,905

Aadi

Bioscience,

Inc.*(a)

1,234

2,271

ACADIA

Pharmaceuticals,

Inc.*

10,944

283,559

ACELYRIN,

Inc.*

3,004

22,890

Acrivon

Therapeutics,

Inc.*(a)

848

3,095

Actinium

Pharmaceuticals,

Inc.*(a)

2,461

13,240

Adicet

Bio,

Inc.*

2,581

7,717

ADMA

Biologics,

Inc.*

18,788

97,510

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

Biotechnology

Aerovate

Therapeutics,

Inc.*(a)

802

15,487

Agenus,

Inc.*(a)

33,868

22,597

Agios

Pharmaceuticals,

Inc.*

5,126

115,950

Akero

Therapeutics,

Inc.*

4,782

103,339

Aldeyra

Therapeutics,

Inc.*

4,407

13,794

Alector,

Inc.*

5,572

33,209

Alkermes

plc*

15,156

409,970

Allakos,

Inc.*

6,291

7,990

Allogene

Therapeutics,

Inc.*(a)

7,474

26,308

Allovir,

Inc.*

4,350

3,132

Alpine

Immune

Sciences,

Inc.*(a)

3,004

79,936

Altimmune,

Inc.*

4,677

44,151

ALX

Oncology

Holdings,

Inc.*(a)

2,473

35,636

Amicus

Therapeutics,

Inc.*

26,091

324,311

AnaptysBio,

Inc.*

1,741

41,088

Anavex

Life

Sciences

Corp.*(a)

6,416

38,304

Anika

Therapeutics,

Inc.*

1,420

33,398

Annexon,

Inc.*

4,319

17,945

Apogee

Therapeutics,

Inc.*(a)

1,788

59,898

Arbutus

Biopharma

Corp.*

10,829

25,665

Arcellx,

Inc.*(a)

3,437

212,544

Arcturus

Therapeutics

Holdings,

Inc.*

2,160

71,215

Arcus

Biosciences,

Inc.*

4,875

73,808

Arcutis

Biotherapeutics,

Inc.*(a)

8,009

47,013

Ardelyx,

Inc.*(a)

20,309

177,298

Arrowhead

Pharmaceuticals,

Inc.*

10,482

336,472

ARS

Pharmaceuticals,

Inc.*(a)

2,295

14,252

Astria

Therapeutics,

Inc.*

2,417

31,494

Atara

Biotherapeutics,

Inc.*(a)

9,924

6,189

Aura

Biosciences,

Inc.*

2,363

18,195

Aurinia

Pharmaceuticals,

Inc.*(a)

12,381

93,353

Avid

Bioservices,

Inc.*

5,846

39,577

Avidity

Biosciences,

Inc.*

6,392

78,174

Avita

Medical,

Inc.*(a)

2,379

39,872

Beam

Therapeutics,

Inc.*(a)

6,467

157,795

BioAtla,

Inc.*

4,185

8,014

BioCryst

Pharmaceuticals,

Inc.*

17,005

90,126

Biohaven

Ltd.*

6,115

271,995

Biomea

Fusion,

Inc.*(a)

1,880

33,990

Bioxcel

Therapeutics,

Inc.*(a)

1,915

6,166

Bluebird

Bio,

Inc.*

10,093

10,295

Blueprint

Medicines

Corp.*

5,518

438,847

Bridgebio

Pharma,

Inc.*(a)

10,235

350,958

Cabaletta

Bio,

Inc.*

3,184

65,208

CareDx,

Inc.*(a)

4,840

41,430

Caribou

Biosciences,

Inc.*

6,896

42,272

Carisma

Therapeutics,

Inc.(a)

2,523

5,298

Cartesian

Therapeutics,

Inc.*(a)

10,990

7,913

Catalyst

Pharmaceuticals,

Inc.*

9,051

130,334

Celcuity,

Inc.*(a)

1,631

24,628

Celldex

Therapeutics,

Inc.*

4,206

148,135

Common

Stocks

Shares

Value

($)

Biotechnology

Century

Therapeutics,

Inc.*

1,910

8,175

Cerevel

Therapeutics

Holdings,

Inc.*

6,251

261,917

Cogent

Biosciences,

Inc.*

7,537

33,389

Coherus

Biosciences,

Inc.*(a)

9,257

19,903

Compass

Therapeutics,

Inc.*

8,635

11,225

Crinetics

Pharmaceuticals,

Inc.*

5,813

212,058

Cue

Biopharma,

Inc.*(a)

3,270

8,633

Cullinan

Oncology,

Inc.*

1,914

28,978

Cytokinetics,

Inc.*(a)

8,380

654,729

Day

One

Biopharmaceuticals,

Inc.*

5,833

87,787

Deciphera

Pharmaceuticals,

Inc.*

4,581

65,600

Denali

Therapeutics,

Inc.*(a)

10,590

169,546

Design

Therapeutics,

Inc.*

3,288

7,793

Disc

Medicine,

Inc.*

735

48,326

Dynavax

Technologies

Corp.*(a)

11,867

153,322

Dyne

Therapeutics,

Inc.*

4,022

86,071

Eagle

Pharmaceuticals,

Inc.*

700

4,102

Editas

Medicine,

Inc.*

7,650

53,780

Emergent

BioSolutions,

Inc.*(a)

4,708

7,862

Enanta

Pharmaceuticals,

Inc.*

2,036

24,737

Entrada

Therapeutics,

Inc.*(a)

2,025

29,504

Erasca,

Inc.*(a)

8,307

13,873

Fate

Therapeutics,

Inc.*

7,762

47,814

Fennec

Pharmaceuticals,

Inc.*(a)

1,717

17,153

FibroGen,

Inc.*

8,480

16,282

Foghorn

Therapeutics,

Inc.*

1,979

6,293

Genelux

Corp.*(a)

1,682

17,796

Generation

Bio

Co.*

4,131

7,766

Geron

Corp.*(a)

47,388

87,194

Graphite

Bio,

Inc.*

2,652

7,213

Gritstone

bio,

Inc.*(a)

8,305

19,849

Halozyme

Therapeutics,

Inc.*

11,699

396,011

Heron

Therapeutics,

Inc.*(a)

9,068

21,854

HilleVax,

Inc.*(a)

2,485

35,212

Humacyte,

Inc.*(a)

5,244

17,410

Icosavax,

Inc.*

2,263

34,647

Ideaya

Biosciences,

Inc.*

5,525

240,503

IGM

Biosciences,

Inc.*(a)

945

9,941

Immuneering

Corp.,

Class

A*(a)

1,919

11,265

ImmunityBio,

Inc.*(a)

12,204

41,005

ImmunoGen,

Inc.*

21,701

636,273

Immunovant,

Inc.*

4,766

173,530

Inhibrx,

Inc.*

3,024

116,515

Inozyme

Pharma,

Inc.*

3,325

18,287

Insmed,

Inc.*

12,464

346,499

Intellia

Therapeutics,

Inc.*

7,952

189,417

Iovance

Biotherapeutics,

Inc.*(a)

20,430

157,924

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

12,554

178,141

iTeos

Therapeutics,

Inc.*

2,365

23,532

Janux

Therapeutics,

Inc.*(a)

1,230

10,529

KalVista

Pharmaceuticals,

Inc.*

2,795

44,077

76

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Karyopharm

Therapeutics,

Inc.*(a)

10,717

8,043

Keros

Therapeutics,

Inc.*

2,130

117,917

Kezar

Life

Sciences,

Inc.*

7,413

7,335

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

2,768

48,800

Kodiak

Sciences,

Inc.*

3,213

12,884

Krystal

Biotech,

Inc.*(a)

1,969

219,051

Kura

Oncology,

Inc.*

6,209

125,049

Kymera

Therapeutics,

Inc.*

3,370

110,469

Larimar

Therapeutics,

Inc.*

2,427

14,052

Lexicon

Pharmaceuticals,

Inc.*(a)

7,325

13,698

Lineage

Cell

Therapeutics,

Inc.*(a)

12,211

11,357

Lyell

Immunopharma,

Inc.*

15,810

28,932

MacroGenics,

Inc.*

5,499

78,636

Madrigal

Pharmaceuticals,

Inc.*(a)

1,328

287,791

MannKind

Corp.*(a)

23,296

77,809

MeiraGTx

Holdings

plc*

2,997

18,192

Merrimack

Pharmaceuticals,

Inc.*

991

13,279

Mersana

Therapeutics,

Inc.*

8,823

27,881

MiMedx

Group,

Inc.*

10,526

81,471

Mineralys

Therapeutics,

Inc.*(a)

1,236

13,485

Mirum

Pharmaceuticals,

Inc.*

2,268

60,011

Monte

Rosa

Therapeutics,

Inc.*

2,724

14,424

Morphic

Holding,

Inc.*

3,203

101,503

Mural

Oncology

plc*

1,515

6,651

Myriad

Genetics,

Inc.*

7,447

159,291

Nkarta,

Inc.*(a)

2,853

25,791

Novavax,

Inc.*(a)

8,239

32,956

Nurix

Therapeutics,

Inc.*

4,204

33,212

Nuvalent,

Inc.,

Class

A*

2,442

183,565

Nuvectis

Pharma,

Inc.*(a)

648

4,724

Ocean

Biomedical,

Inc.*(a)

1,269

721

Olema

Pharmaceuticals,

Inc.*

2,540

33,122

Omega

Therapeutics,

Inc.*(a)

2,306

8,417

Organogenesis

Holdings,

Inc.,

Class

A*

6,549

21,612

ORIC

Pharmaceuticals,

Inc.*(a)

3,693

40,586

Outlook

Therapeutics,

Inc.*(a)

12,464

4,811

Ovid

therapeutics,

Inc.*

5,642

21,835

PDS

Biotechnology

Corp.*(a)

2,646

14,156

PepGen,

Inc.*(a)

1,143

11,464

PMV

Pharmaceuticals,

Inc.*

3,466

6,100

Poseida

Therapeutics,

Inc.,

Class

A*

6,431

22,123

Precigen,

Inc.*(a)

9,031

12,463

Prelude

Therapeutics,

Inc.*

1,278

4,192

Prime

Medicine,

Inc.*(a)

3,743

23,768

ProKidney

Corp.,

Class

A*(a)

4,110

5,384

Protagonist

Therapeutics,

Inc.*

5,075

126,926

Protalix

BioTherapeutics,

Inc.*(a)

5,315

7,707

Prothena

Corp.

plc*

3,923

111,374

PTC

Therapeutics,

Inc.*(a)

6,360

165,932

Common

Stocks

Shares

Value

($)

Biotechnology

Rallybio

Corp.*(a)

2,893

3,906

RAPT

Therapeutics,

Inc.*

2,693

66,652

RayzeBio,

Inc.*

1,812

112,525

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

12,732

119,808

REGENXBIO,

Inc.*

3,810

46,939

Relay

Therapeutics,

Inc.*(a)

8,279

76,581

Reneo

Pharmaceuticals,

Inc.*

916

1,502

Replimune

Group,

Inc.*

4,732

36,720

REVOLUTION

Medicines,

Inc.*

12,965

359,779

Rhythm

Pharmaceuticals,

Inc.*(a)

4,615

203,568

Rigel

Pharmaceuticals,

Inc.*

15,130

17,702

Rocket

Pharmaceuticals,

Inc.*

5,517

158,503

Sage

Therapeutics,

Inc.*

4,946

126,815

Sagimet

Biosciences,

Inc.,

Class

A*(a)

539

5,110

Sana

Biotechnology,

Inc.*(a)

9,235

50,700

Sangamo

Therapeutics,

Inc.*(a)

12,951

5,919

Savara,

Inc.*(a)

7,452

36,813

Scholar

Rock

Holding

Corp.*

5,060

70,587

Seres

Therapeutics,

Inc.*

9,205

10,402

SpringWorks

Therapeutics,

Inc.*(a)

6,155

271,620

Stoke

Therapeutics,

Inc.*(a)

2,610

12,632

Summit

Therapeutics,

Inc.*(a)

10,965

42,983

Sutro

Biopharma,

Inc.*

4,977

21,600

Syndax

Pharmaceuticals,

Inc.*

6,234

127,735

Tango

Therapeutics,

Inc.*(a)

4,015

47,176

Tenaya

Therapeutics,

Inc.*

4,174

17,552

TG

Therapeutics,

Inc.*(a)

12,573

204,186

Travere

Therapeutics,

Inc.*

6,180

55,187

Turnstone

Biologics

Corp.*(a)

1,220

3,209

Twist

Bioscience

Corp.*

5,098

165,175

Tyra

Biosciences,

Inc.*(a)

1,150

15,410

UroGen

Pharma

Ltd.*(a)

2,475

38,858

Vanda

Pharmaceuticals,

Inc.*

4,830

17,388

Vaxcyte,

Inc.*

8,469

604,856

Vaxxinity,

Inc.,

Class

A*(a)

4,033

2,863

Vera

Therapeutics,

Inc.,

Class

A*(a)

3,199

116,508

Veracyte,

Inc.*

6,707

167,809

Vericel

Corp.*

4,325

185,889

Verve

Therapeutics,

Inc.*(a)

4,497

48,658

Vigil

Neuroscience,

Inc.*(a)

1,520

4,134

Viking

Therapeutics,

Inc.*(a)

8,745

211,104

Vir

Biotechnology,

Inc.*

7,925

74,495

Viridian

Therapeutics,

Inc.*

3,688

70,994

Vor

BioPharma,

Inc.*(a)

3,565

8,199

Voyager

Therapeutics,

Inc.*

3,005

21,846

X4

Pharmaceuticals,

Inc.*(a)

11,650

9,103

Xencor,

Inc.*

5,312

99,334

XOMA

Corp.*(a)

692

13,819

Y-mAbs

Therapeutics,

Inc.*

3,311

42,348

Zentalis

Pharmaceuticals,

Inc.*

5,423

64,263

Zura

Bio

Ltd.,

Class

A*(a)

2,235

6,370

Zymeworks,

Inc.*

5,051

54,753

16,960,897

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Broadline

Retail

0.1%

Big

Lots,

Inc.(a)

2,797

16,055

ContextLogic,

Inc.,

Class

A*(a)

1,778

7,770

Dillard's,

Inc.,

Class

A(a)

306

118,504

Savers

Value

Village,

Inc.*

2,355

44,015

186,344

Building

Products

2.0%

AAON,

Inc.

6,191

434,361

American

Woodmark

Corp.*

1,479

135,003

Apogee

Enterprises,

Inc.

1,982

104,669

AZZ,

Inc.

2,239

139,826

CSW

Industrials,

Inc.

1,388

293,659

Gibraltar

Industries,

Inc.*

2,745

222,125

Griffon

Corp.

3,810

221,971

Insteel

Industries,

Inc.

1,735

60,083

Janus

International

Group,

Inc.*(a)

7,824

110,710

JELD-WEN

Holding,

Inc.*

7,621

141,751

Masonite

International

Corp.*

2,025

186,401

Masterbrand,

Inc.*(a)

11,762

165,491

PGT

Innovations,

Inc.*

5,037

207,625

Quanex

Building

Products

Corp.

3,082

96,220

Resideo

Technologies,

Inc.*

13,300

223,041

Simpson

Manufacturing

Co.,

Inc.

3,893

704,594

UFP

Industries,

Inc.

5,389

611,382

Zurn

Elkay

Water

Solutions

Corp.

13,529

401,135

4,460,047

Capital

Markets

1.4%

AlTi

Global,

Inc.*(a)

1,990

12,358

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,593

234,347

AssetMark

Financial

Holdings,

Inc.*

1,967

60,328

B.

Riley

Financial,

Inc.(a)

1,757

41,149

Bakkt

Holdings,

Inc.*(a)

6,042

8,278

BGC

Group,

Inc.,

Class

A

32,841

231,857

Brightsphere

Investment

Group,

Inc.

2,928

64,767

Cohen

&

Steers,

Inc.

2,378

167,459

Diamond

Hill

Investment

Group,

Inc.

247

39,404

Donnelley

Financial

Solutions,

Inc.*

2,299

142,814

Forge

Global

Holdings,

Inc.*(a)

10,398

19,964

GCM

Grosvenor,

Inc.,

Class

A

4,036

35,073

Hamilton

Lane,

Inc.,

Class

A

3,326

385,616

MarketWise,

Inc.

2,999

6,988

Moelis

&

Co.,

Class

A(a)

6,026

331,249

Open

Lending

Corp.*

9,355

68,666

P10,

Inc.,

Class

A

3,607

33,184

Patria

Investments

Ltd.,

Class

A

4,703

67,112

Perella

Weinberg

Partners,

Class

A

3,673

43,158

Piper

Sandler

Cos.

1,557

270,124

PJT

Partners,

Inc.,

Class

A(a)

2,150

206,765

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

750

12,510

Common

Stocks

Shares

Value

($)

Capital

Markets

StepStone

Group,

Inc.,

Class

A

4,823

161,329

StoneX

Group,

Inc.*

2,499

164,309

Value

Line,

Inc.

100

4,460

Victory

Capital

Holdings,

Inc.,

Class

A

2,424

81,762

Virtus

Investment

Partners,

Inc.

633

149,458

WisdomTree,

Inc.

11,964

80,996

3,125,484

Chemicals

1.9%

AdvanSix,

Inc.

2,468

62,638

American

Vanguard

Corp.

2,482

27,103

Arcadium

Lithium

plc*(a)

92,981

454,677

Aspen

Aerogels,

Inc.*(a)

4,429

49,738

Avient

Corp.

8,110

293,663

Balchem

Corp.

2,905

407,165

Cabot

Corp.

4,958

357,472

Core

Molding

Technologies,

Inc.*

733

12,681

Danimer

Scientific,

Inc.,

Class

A*(a)

8,565

5,464

Ecovyst,

Inc.*

8,284

76,710

Hawkins,

Inc.

1,719

114,434

HB

Fuller

Co.

4,894

370,818

Ingevity

Corp.*

3,398

148,017

Innospec,

Inc.

2,282

264,963

Intrepid

Potash,

Inc.*

920

16,928

Koppers

Holdings,

Inc.

1,771

90,569

Kronos

Worldwide,

Inc.

2,146

19,979

LSB

Industries,

Inc.*

4,474

33,287

Mativ

Holdings,

Inc.

4,895

58,887

Minerals

Technologies,

Inc.

2,949

192,717

Origin

Materials,

Inc.*(a)

9,380

5,534

Orion

SA

5,017

112,381

Perimeter

Solutions

SA*

13,018

61,705

PureCycle

Technologies,

Inc.*(a)

10,537

41,305

Quaker

Chemical

Corp.

1,268

240,844

Rayonier

Advanced

Materials,

Inc.*

5,855

25,411

Sensient

Technologies

Corp.

3,883

240,862

Stepan

Co.(a)

1,922

171,577

Trinseo

plc

3,315

19,989

Tronox

Holdings

plc

10,969

151,263

Valhi,

Inc.(a)

254

3,523

4,132,304

Commercial

Services

&

Supplies

1.5%

ABM

Industries,

Inc.

5,925

241,681

ACCO

Brands

Corp.

8,832

53,699

ACV

Auctions,

Inc.,

Class

A*

11,603

150,491

Aris

Water

Solutions,

Inc.,

Class

A

2,357

20,506

BrightView

Holdings,

Inc.*

3,501

31,264

Brink's

Co.

(The)

4,206

340,013

Casella

Waste

Systems,

Inc.,

Class

A*

5,125

437,367

CECO

Environmental

Corp.*

2,481

47,958

Cimpress

plc*

1,596

120,051

CoreCivic,

Inc.*(a)

10,507

149,409

Deluxe

Corp.

4,087

77,285

78

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Ennis,

Inc.

2,418

49,255

Enviri

Corp.*

6,817

58,694

GEO

Group,

Inc.

(The)*(a)

10,846

120,607

Healthcare

Services

Group,

Inc.*

6,504

61,398

HNI

Corp.

4,248

172,979

Interface,

Inc.,

Class

A

5,456

67,709

LanzaTech

Global,

Inc.*(a)

1,952

8,501

Li-Cycle

Holdings

Corp.*(a)

12,416

5,340

Liquidity

Services,

Inc.*

2,163

37,744

Matthews

International

Corp.,

Class

A(a)

2,696

88,698

MillerKnoll,

Inc.

6,608

175,707

Montrose

Environmental

Group,

Inc.*

2,452

71,623

NL

Industries,

Inc.

865

4,541

OPENLANE,

Inc.*

10,103

142,250

Performant

Financial

Corp.*

6,368

17,958

Pitney

Bowes,

Inc.

12,266

50,413

Quad/Graphics,

Inc.*

2,252

12,296

SP

Plus

Corp.*

1,742

90,114

Steelcase,

Inc.,

Class

A

8,373

106,170

UniFirst

Corp.

1,363

230,919

Viad

Corp.*

1,911

63,178

VSE

Corp.

1,163

72,234

3,378,052

Communications

Equipment

0.5%

ADTRAN

Holdings,

Inc.

6,716

42,076

Aviat

Networks,

Inc.*

956

28,517

Calix,

Inc.*

5,287

175,423

Cambium

Networks

Corp.*

985

4,186

Clearfield,

Inc.*(a)

1,251

31,513

CommScope

Holding

Co.,

Inc.*

20,159

46,769

Comtech

Telecommunications

Corp.*

2,491

15,768

Digi

International,

Inc.*

3,253

79,080

DZS,

Inc.*(a)

1,867

2,913

Extreme

Networks,

Inc.*

11,467

154,919

Harmonic,

Inc.*(a)

9,835

115,069

Infinera

Corp.*(a)

18,805

92,897

KVH

Industries,

Inc.*(a)

1,775

8,644

NETGEAR,

Inc.*

2,780

39,476

NetScout

Systems,

Inc.*

6,250

134,437

Ribbon

Communications,

Inc.*

9,194

27,950

Viavi

Solutions,

Inc.*

20,144

198,016

1,197,653

Construction

&

Engineering

1.7%

Ameresco,

Inc.,

Class

A*(a)

2,992

61,127

API

Group

Corp.*

18,935

596,831

Arcosa,

Inc.

4,333

339,187

Argan,

Inc.

1,090

48,320

Bowman

Consulting

Group

Ltd.,

Class

A*(a)

951

29,871

Comfort

Systems

USA,

Inc.

3,180

691,555

Concrete

Pumping

Holdings,

Inc.*

1,916

14,791

Construction

Partners,

Inc.,

Class

A*

3,634

165,347

Dycom

Industries,

Inc.*

2,600

290,420

Fluor

Corp.*

12,935

487,779

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Granite

Construction,

Inc.(a)

4,012

180,981

Great

Lakes

Dredge

&

Dock

Corp.*

6,040

46,146

IES

Holdings,

Inc.*

745

61,060

INNOVATE

Corp.*(a)

4,439

4,013

Limbach

Holdings,

Inc.*

871

37,453

MYR

Group,

Inc.*

1,520

218,652

Northwest

Pipe

Co.*

912

27,697

Primoris

Services

Corp.

4,780

156,784

Sterling

Infrastructure,

Inc.*

2,748

206,375

Tutor

Perini

Corp.*

4,143

37,121

3,701,510

Construction

Materials

0.4%

Knife

River

Corp.*

5,133

336,160

Summit

Materials,

Inc.,

Class

A*

10,734

388,356

United

States

Lime

&

Minerals,

Inc.

177

45,785

770,301

Consumer

Finance

0.8%

Atlanticus

Holdings

Corp.*

414

14,362

Bread

Financial

Holdings,

Inc.

2,664

96,623

Consumer

Portfolio

Services,

Inc.*(a)

1,041

9,515

Encore

Capital

Group,

Inc.*(a)

2,058

103,065

Enova

International,

Inc.*

2,676

145,655

FirstCash

Holdings,

Inc.

3,436

394,350

Green

Dot

Corp.,

Class

A*

3,766

33,932

LendingClub

Corp.*

9,755

87,990

LendingTree,

Inc.*

845

27,327

Navient

Corp.

7,902

136,072

Nelnet,

Inc.,

Class

A

1,197

104,295

NerdWallet,

Inc.,

Class

A*(a)

3,241

49,620

OppFi,

Inc.*(a)

1,472

4,725

PRA

Group,

Inc.*

3,457

78,716

PROG

Holdings,

Inc.*(a)

3,954

121,150

Regional

Management

Corp.

706

17,212

Upstart

Holdings,

Inc.*(a)

6,610

209,933

World

Acceptance

Corp.*

378

49,635

1,684,177

Consumer

Staples

Distribution

&

Retail

0.6%

Andersons,

Inc.

(The)

2,888

152,227

Chefs'

Warehouse,

Inc.

(The)*(a)

3,233

102,874

HF

Foods

Group,

Inc.*

3,603

18,015

Ingles

Markets,

Inc.,

Class

A

1,337

112,642

Natural

Grocers

by

Vitamin

Cottage,

Inc.

867

12,962

PriceSmart,

Inc.

2,303

175,074

SpartanNash

Co.

3,168

71,058

Sprouts

Farmers

Market,

Inc.*(a)

9,187

462,749

United

Natural

Foods,

Inc.*

5,182

77,264

Village

Super

Market,

Inc.,

Class

A

852

21,666

Weis

Markets,

Inc.(a)

1,420

86,265

1,292,796

Containers

&

Packaging

0.3%

Greif,

Inc.,

Class

A

2,258

141,374

Greif,

Inc.,

Class

B

419

26,271

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Myers

Industries,

Inc.

3,210

60,188

O-I

Glass,

Inc.*(a)

14,224

207,101

Pactiv

Evergreen,

Inc.

3,654

53,348

Ranpak

Holdings

Corp.,

Class

A*

4,147

17,086

TriMas

Corp.

3,666

90,477

595,845

Distributors

0.0%

†

Weyco

Group,

Inc.

466

14,963

Diversified

Consumer

Services

1.2%

2U,

Inc.*(a)

7,335

6,240

Adtalem

Global

Education,

Inc.*

3,518

177,589

Carriage

Services,

Inc.,

Class

A

1,147

28,342

Chegg,

Inc.*

10,415

102,588

Coursera,

Inc.*(a)

11,648

222,943

Duolingo,

Inc.,

Class

A*

2,657

475,311

European

Wax

Center,

Inc.,

Class

A*(a)

3,232

47,963

Frontdoor,

Inc.*

7,254

237,641

Graham

Holdings

Co.,

Class

B

324

233,409

Laureate

Education,

Inc.

12,132

153,106

Lincoln

Educational

Services

Corp.*

2,241

20,079

Nerdy,

Inc.*

6,145

18,865

OneSpaWorld

Holdings

Ltd.*

7,684

104,733

Perdoceo

Education

Corp.

5,909

106,953

Rover

Group,

Inc.,

Class

A*

7,897

86,393

Strategic

Education,

Inc.

2,013

189,343

Stride,

Inc.*(a)

3,760

225,412

Udemy,

Inc.*

7,632

103,719

Universal

Technical

Institute,

Inc.*

2,870

40,524

WW

International,

Inc.*

5,088

19,131

2,600,284

Diversified

REITs

0.6%

Alexander

&

Baldwin,

Inc.

6,973

120,772

Alpine

Income

Property

Trust,

Inc.

1,233

19,161

American

Assets

Trust,

Inc.

4,460

100,038

Armada

Hoffler

Properties,

Inc.

6,572

78,601

Broadstone

Net

Lease,

Inc.

16,920

271,905

CTO

Realty

Growth,

Inc.

2,215

36,614

Empire

State

Realty

Trust,

Inc.,

Class

A

11,998

114,221

Essential

Properties

Realty

Trust,

Inc.

14,307

356,387

Gladstone

Commercial

Corp.

3,638

46,639

Global

Net

Lease,

Inc.

18,107

153,004

One

Liberty

Properties,

Inc.

1,527

30,907

1,328,249

Diversified

Telecommunication

Services

0.5%

Anterix,

Inc.*(a)

1,185

35,337

AST

SpaceMobile,

Inc.,

Class

A*

7,374

21,163

ATN

International,

Inc.

1,053

38,856

Bandwidth,

Inc.,

Class

A*

2,225

30,794

Charge

Enterprises,

Inc.*(a)

11,488

1,580

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Cogent

Communications

Holdings,

Inc.

3,946

304,631

Consolidated

Communications

Holdings,

Inc.*

6,909

29,985

EchoStar

Corp.,

Class

A*(a)

10,747

143,902

Globalstar,

Inc.*(a)

61,675

98,063

IDT

Corp.,

Class

B*

1,317

45,542

Liberty

Latin

America

Ltd.,

Class

A*

3,836

27,006

Liberty

Latin

America

Ltd.,

Class

C*

12,378

88,131

Lumen

Technologies,

Inc.*(a)

91,492

111,620

Ooma,

Inc.*

2,215

23,966

Shenandoah

Telecommunications

Co.

4,248

87,042

1,087,618

Electric

Utilities

0.7%

ALLETE,

Inc.

5,222

308,672

Genie

Energy

Ltd.,

Class

B

1,871

34,819

MGE

Energy,

Inc.

3,303

213,011

Otter

Tail

Corp.

3,717

336,091

PNM

Resources,

Inc.

7,591

275,022

Portland

General

Electric

Co.

9,218

377,293

1,544,908

Electrical

Equipment

1.4%

Allient,

Inc.

1,253

34,909

Amprius

Technologies,

Inc.*

728

2,978

Array

Technologies,

Inc.*(a)

13,898

184,010

Atkore,

Inc.*(a)

3,453

526,686

Babcock

&

Wilcox

Enterprises,

Inc.*

5,298

6,993

Blink

Charging

Co.*(a)

4,310

10,344

Bloom

Energy

Corp.,

Class

A*(a)

17,353

196,436

Dragonfly

Energy

Holdings

Corp.*(a)

3,830

1,800

Encore

Wire

Corp.

1,349

304,200

Energy

Vault

Holdings,

Inc.*(a)

7,389

11,231

EnerSys

3,715

355,043

Enovix

Corp.*(a)

12,384

115,295

Eos

Energy

Enterprises,

Inc.*(a)

10,185

11,305

ESS

Tech,

Inc.*(a)

7,186

7,402

Fluence

Energy,

Inc.,

Class

A*(a)

5,280

104,914

FTC

Solar,

Inc.*(a)

6,641

3,330

FuelCell

Energy,

Inc.*(a)

40,016

48,019

GrafTech

International

Ltd.

18,419

24,497

LSI

Industries,

Inc.

2,476

33,822

NEXTracker,

Inc.,

Class

A*

11,367

514,584

NuScale

Power

Corp.,

Class

A*(a)

5,071

14,655

Powell

Industries,

Inc.

809

95,891

Preformed

Line

Products

Co.

208

25,428

SES

AI

Corp.*(a)

11,816

15,479

Shoals

Technologies

Group,

Inc.,

Class

A*

15,511

204,280

SKYX

Platforms

Corp.*(a)

5,380

8,070

Stem,

Inc.*(a)

13,663

40,442

SunPower

Corp.*(a)

8,266

25,046

Thermon

Group

Holdings,

Inc.*

2,908

95,324

80

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Electrical

Equipment

TPI

Composites,

Inc.*(a)

4,179

11,283

Vicor

Corp.*(a)

2,064

77,751

3,111,447

Electronic

Equipment,

Instruments

&

Components

2.7%

908

Devices,

Inc.*

1,357

9,608

Advanced

Energy

Industries,

Inc.

3,358

349,836

Akoustis

Technologies,

Inc.*(a)

7,110

4,078

Arlo

Technologies,

Inc.*

8,109

72,008

Badger

Meter,

Inc.

2,637

379,702

Bel

Fuse,

Inc.,

Class

B

990

66,191

Belden,

Inc.

3,855

285,964

Benchmark

Electronics,

Inc.

3,283

89,035

Climb

Global

Solutions,

Inc.(a)

393

21,701

CTS

Corp.(a)

2,753

113,038

Daktronics,

Inc.*

3,101

23,506

ePlus,

Inc.*

2,447

184,846

Evolv

Technologies

Holdings,

Inc.*(a)

10,663

46,597

Fabrinet*

3,343

713,764

FARO

Technologies,

Inc.*

1,740

39,394

Insight

Enterprises,

Inc.*

2,595

479,400

Iteris,

Inc.*

4,042

19,482

Itron,

Inc.*(a)

4,076

294,043

Kimball

Electronics,

Inc.*

2,008

47,750

Knowles

Corp.*(a)

8,098

132,078

Lightwave

Logic,

Inc.*(a)

10,788

46,496

Luna

Innovations,

Inc.*(a)

3,040

21,797

Methode

Electronics,

Inc.

3,138

65,145

MicroVision,

Inc.*(a)

17,123

40,753

Mirion

Technologies,

Inc.,

Class

A*(a)

18,140

171,423

Napco

Security

Technologies,

Inc.(a)

2,893

100,532

nLight,

Inc.*

4,132

53,633

Novanta,

Inc.*

3,230

499,196

OSI

Systems,

Inc.*

1,451

185,772

PAR

Technology

Corp.*(a)

2,418

110,116

PC

Connection,

Inc.

1,019

65,736

Petrocorp,

Inc.*^∞

1,500

0

Plexus

Corp.*

2,449

231,969

Richardson

Electronics

Ltd.

1,133

11,149

Rogers

Corp.*

1,542

177,746

Sanmina

Corp.*

5,054

302,330

ScanSource,

Inc.*

2,214

86,922

SmartRent,

Inc.,

Class

A*(a)

17,442

51,454

TTM

Technologies,

Inc.*(a)

9,285

129,154

Vishay

Intertechnology,

Inc.

11,761

255,567

Vishay

Precision

Group,

Inc.*

1,184

37,746

Vuzix

Corp.*(a)

5,561

9,287

6,025,944

Energy

Equipment

&

Services

2.4%

Archrock,

Inc.

12,741

208,188

Atlas

Energy

Solutions,

Inc.(a)

1,630

28,313

Borr

Drilling

Ltd.

19,497

119,907

Bristow

Group,

Inc.,

Class

A*

2,183

57,588

Cactus,

Inc.,

Class

A(a)

5,875

249,335

ChampionX

Corp.

17,669

484,307

Core

Laboratories,

Inc.

4,069

64,168

Diamond

Offshore

Drilling,

Inc.*

9,438

115,144

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

DMC

Global,

Inc.*

1,761

29,972

Dril-Quip,

Inc.*

3,111

62,438

Expro

Group

Holdings

NV*

8,144

143,334

Forum

Energy

Technologies,

Inc.*(a)

928

18,291

Helix

Energy

Solutions

Group,

Inc.*(a)

13,423

126,176

Helmerich

&

Payne,

Inc.(a)

8,821

355,134

KLX

Energy

Services

Holdings,

Inc.*

1,199

11,654

Kodiak

Gas

Services,

Inc.

1,348

31,570

Liberty

Energy,

Inc.,

Class

A

14,879

309,334

Mammoth

Energy

Services,

Inc.*(a)

2,205

7,740

Nabors

Industries

Ltd.*(a)

826

69,863

Newpark

Resources,

Inc.*(a)

7,137

46,319

Noble

Corp.

plc

10,168

448,714

Oceaneering

International,

Inc.*

9,162

190,386

Oil

States

International,

Inc.*

6,072

37,464

Patterson-UTI

Energy,

Inc.

31,891

353,671

ProFrac

Holding

Corp.,

Class

A*(a)

2,187

17,299

ProPetro

Holding

Corp.*

8,506

71,961

Ranger

Energy

Services,

Inc.,

Class

A

799

8,118

RPC,

Inc.(a)

7,602

55,571

SEACOR

Marine

Holdings,

Inc.*

1,734

18,311

Seadrill

Ltd.*

4,487

193,928

Select

Water

Solutions,

Inc.,

Class

A

7,259

56,402

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

2,867

21,503

TETRA

Technologies,

Inc.*

11,629

48,726

Tidewater,

Inc.*

4,166

279,914

US

Silica

Holdings,

Inc.*

6,385

68,447

Valaris

Ltd.*

5,405

334,407

Weatherford

International

plc*

6,397

572,851

5,316,448

Entertainment

0.4%

Atlanta

Braves

Holdings,

Inc.,

Class

A*

911

39,237

Atlanta

Braves

Holdings,

Inc.,

Class

C*

4,084

164,626

Cinemark

Holdings,

Inc.*

10,058

139,102

IMAX

Corp.*

4,062

56,746

Lions

Gate

Entertainment

Corp.,

Class

A*

5,401

56,332

Lions

Gate

Entertainment

Corp.,

Class

B*

10,678

103,577

Loop

Media,

Inc.*(a)

3,450

2,415

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

3,650

121,691

Marcus

Corp.

(The)(a)

2,314

31,424

Playstudios,

Inc.*

8,493

18,685

Reservoir

Media,

Inc.*

1,940

13,580

Sphere

Entertainment

Co.*

2,319

82,046

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Entertainment

Vivid

Seats,

Inc.,

Class

A*

2,123

12,186

841,647

Financial

Services

2.4%

Acacia

Research

Corp.*

3,597

14,064

Alerus

Financial

Corp.

1,484

33,702

A-Mark

Precious

Metals,

Inc.

(a)

1,696

45,741

AvidXchange

Holdings,

Inc.*

13,652

149,626

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

2,539

61,063

Cannae

Holdings,

Inc.*

6,445

130,511

Cantaloupe,

Inc.*

5,521

37,598

Cass

Information

Systems,

Inc.

1,246

53,777

Compass

Diversified

Holdings

5,619

124,124

Enact

Holdings,

Inc.(a)

2,631

74,957

Essent

Group

Ltd.

9,457

521,648

EVERTEC,

Inc.

5,849

234,896

Federal

Agricultural

Mortgage

Corp.,

Class

C

840

156,484

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

3,164

2,658

Flywire

Corp.*

9,532

203,699

I3

Verticals,

Inc.,

Class

A*

2,254

42,240

International

Money

Express,

Inc.*

2,941

60,585

Jackson

Financial,

Inc.,

Class

A

7,350

368,014

Marqeta,

Inc.,

Class

A*(a)

43,248

259,920

Merchants

Bancorp

1,389

60,755

Mr.

Cooper

Group,

Inc.*

5,816

391,766

NewtekOne,

Inc.

2,206

26,494

NMI

Holdings,

Inc.,

Class

A*

7,416

236,719

Ocwen

Financial

Corp.*(a)

608

17,589

Pagseguro

Digital

Ltd.,

Class

A*

17,987

231,493

Payoneer

Global,

Inc.*

24,193

113,223

Paysafe

Ltd.*

2,891

43,018

Paysign,

Inc.*(a)

3,090

9,486

PennyMac

Financial

Services,

Inc.(a)

2,331

203,310

Priority

Technology

Holdings,

Inc.*(a)

1,943

6,898

Radian

Group,

Inc.(a)

14,167

410,560

Remitly

Global,

Inc.*

11,944

204,720

Repay

Holdings

Corp.,

Class

A*

7,429

58,243

Security

National

Financial

Corp.,

Class

A*

1,182

9,255

StoneCo

Ltd.,

Class

A*

26,434

454,400

SWK

Holdings

Corp.*

383

6,626

Velocity

Financial,

Inc.*

813

12,805

Walker

&

Dunlop,

Inc.(a)

2,922

282,236

Waterstone

Financial,

Inc.

1,406

18,700

5,373,603

Food

Products

1.0%

Alico,

Inc.(a)

645

18,989

B&G

Foods,

Inc.(a)

6,581

66,205

Benson

Hill,

Inc.*(a)

15,199

2,617

Beyond

Meat,

Inc.*(a)

5,571

36,880

Common

Stocks

Shares

Value

($)

Food

Products

BRC,

Inc.,

Class

A*(a)

3,540

13,381

Calavo

Growers,

Inc.

1,637

42,709

Cal-Maine

Foods,

Inc.

3,697

204,888

Dole

plc

6,199

69,987

Forafric

Global

plc*(a)

591

6,170

Fresh

Del

Monte

Produce,

Inc.

3,223

79,221

Hain

Celestial

Group,

Inc.

(The)*(a)

8,272

88,593

J

&

J

Snack

Foods

Corp.

1,385

220,534

John

B

Sanfilippo

&

Son,

Inc.

832

89,132

Lancaster

Colony

Corp.(a)

1,753

322,166

Limoneira

Co.(a)

1,657

30,058

Mission

Produce,

Inc.*

4,668

46,633

Seneca

Foods

Corp.,

Class

A*

411

21,939

Simply

Good

Foods

Co.

(The)*

8,195

309,771

Sovos

Brands,

Inc.*(a)

5,009

110,449

SunOpta,

Inc.*

8,535

50,783

TreeHouse

Foods,

Inc.*

4,574

192,565

Utz

Brands,

Inc.(a)

6,821

120,732

Vital

Farms,

Inc.*

2,889

41,544

Westrock

Coffee

Co.*(a)

2,688

27,848

2,213,794

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

Class

A

10,986

384,620

Chesapeake

Utilities

Corp.

1,890

191,419

New

Jersey

Resources

Corp.

8,856

361,590

Northwest

Natural

Holding

Co.

3,225

118,874

ONE

Gas,

Inc.(a)

5,030

308,691

RGC

Resources,

Inc.(a)

758

14,485

Southwest

Gas

Holdings,

Inc.

5,543

325,263

Spire,

Inc.(a)

4,745

269,374

1,974,316

Ground

Transportation

0.5%

ArcBest

Corp.

2,169

258,393

Covenant

Logistics

Group,

Inc.,

Class

A

667

32,243

Daseke,

Inc.*

2,911

23,696

FTAI

Infrastructure,

Inc.

9,366

39,899

Heartland

Express,

Inc.

4,265

55,232

Marten

Transport

Ltd.(a)

5,196

96,126

PAM

Transportation

Services,

Inc.*

683

14,145

RXO,

Inc.*

10,388

216,070

Universal

Logistics

Holdings,

Inc.

692

21,120

Werner

Enterprises,

Inc.

5,724

226,384

983,308

Health

Care

Equipment

&

Supplies

2.8%

Accuray,

Inc.*(a)

8,826

22,859

Alphatec

Holdings,

Inc.*(a)

8,432

135,671

AngioDynamics,

Inc.*

3,507

20,691

Artivion,

Inc.*(a)

3,603

60,242

AtriCure,

Inc.*

4,143

141,111

Atrion

Corp.

117

39,780

Avanos

Medical,

Inc.*

4,251

81,577

Axogen,

Inc.*

3,771

36,466

Axonics,

Inc.*

4,564

309,804

Beyond

Air,

Inc.*(a)

2,426

4,076

Butterfly

Network,

Inc.*(a)

12,189

10,984

82

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Cerus

Corp.*

15,938

28,848

ClearPoint

Neuro,

Inc.*(a)

2,169

15,096

CONMED

Corp.

2,779

265,672

Cutera,

Inc.*

1,609

4,248

CVRx,

Inc.*

1,052

26,426

Embecta

Corp.

5,075

86,985

Glaukos

Corp.*

4,296

382,473

Haemonetics

Corp.*

4,546

347,587

Inari

Medical,

Inc.*

4,902

279,169

Inmode

Ltd.*

7,153

169,455

Inogen,

Inc.*

2,418

17,204

Integer

Holdings

Corp.*(a)

2,976

301,528

iRadimed

Corp.

595

24,639

iRhythm

Technologies,

Inc.*

2,782

333,228

KORU

Medical

Systems,

Inc.*(a)

3,308

6,881

Lantheus

Holdings,

Inc.*(a)

6,105

317,033

LeMaitre

Vascular,

Inc.

1,782

103,427

LivaNova

plc*

4,952

241,063

Merit

Medical

Systems,

Inc.*(a)

5,109

400,035

Nano-X

Imaging

Ltd.*(a)

4,125

22,440

Neogen

Corp.*

19,911

308,620

Nevro

Corp.*(a)

3,143

52,048

Omnicell,

Inc.*

4,060

130,610

OraSure

Technologies,

Inc.*(a)

5,959

43,918

Orchestra

BioMed

Holdings,

Inc.*(a)

790

5,593

Orthofix

Medical,

Inc.*

3,217

44,684

OrthoPediatrics

Corp.*

1,492

38,971

Outset

Medical,

Inc.*

4,731

14,382

Paragon

28,

Inc.*

4,126

52,318

PROCEPT

BioRobotics

Corp.*(a)

3,692

170,940

Pulmonx

Corp.*

3,424

45,471

Pulse

Biosciences,

Inc.*(a)

1,528

13,569

RxSight,

Inc.*

2,564

116,688

Sanara

Medtech,

Inc.*(a)

359

12,134

Semler

Scientific,

Inc.*

319

14,128

SI-BONE,

Inc.*

3,640

73,564

Sight

Sciences,

Inc.*

2,106

8,929

Silk

Road

Medical,

Inc.*

3,590

54,317

STAAR

Surgical

Co.*

4,495

125,905

Surmodics,

Inc.*

1,282

45,139

Tactile

Systems

Technology,

Inc.*

2,202

33,404

Tela

Bio,

Inc.*(a)

1,502

10,379

TransMedics

Group,

Inc.*(a)

2,812

241,185

Treace

Medical

Concepts,

Inc.*

4,279

57,681

UFP

Technologies,

Inc.*

621

104,645

Utah

Medical

Products,

Inc.

343

27,169

Varex

Imaging

Corp.*

3,332

64,208

Vicarious

Surgical,

Inc.,

Class

A*

4,621

1,859

Zimvie,

Inc.*

2,445

42,739

Zynex,

Inc.*(a)

1,462

17,310

6,209,205

Health

Care

Providers

&

Services

2.5%

23andMe

Holding

Co.,

Class

A*(a)

30,216

22,091

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Accolade,

Inc.*

6,235

70,580

AdaptHealth

Corp.,

Class

A*

8,836

63,796

Addus

HomeCare

Corp.*

1,422

123,145

Agiliti,

Inc.*

2,715

19,249

AirSculpt

Technologies,

Inc.*(a)

871

6,323

Alignment

Healthcare,

Inc.*

7,996

53,573

AMN

Healthcare

Services,

Inc.*

3,494

258,591

Apollo

Medical

Holdings,

Inc.*

3,865

134,309

Aveanna

Healthcare

Holdings,

Inc.*(a)

3,656

8,409

Brookdale

Senior

Living,

Inc.*

16,233

88,795

Cano

Health,

Inc.*(a)

226

540

CareMax,

Inc.*(a)

7,143

2,453

Castle

Biosciences,

Inc.*

2,030

46,852

Community

Health

Systems,

Inc.*

11,774

43,211

CorVel

Corp.*(a)

777

182,859

Cross

Country

Healthcare,

Inc.*

2,937

62,411

DocGo,

Inc.*(a)

7,107

26,296

Enhabit,

Inc.*

4,095

41,319

Ensign

Group,

Inc.

(The)

4,928

557,948

Fulgent

Genetics,

Inc.*

1,746

42,934

Guardant

Health,

Inc.*

10,044

220,265

HealthEquity,

Inc.*

7,604

574,710

Hims

&

Hers

Health,

Inc.*(a)

10,726

92,029

InfuSystem

Holdings,

Inc.*

1,719

15,866

Innovage

Holding

Corp.*(a)

1,737

9,189

Invitae

Corp.*(a)

22,450

8,756

Joint

Corp.

(The)*

1,297

12,659

LifeStance

Health

Group,

Inc.*(a)

10,043

60,057

ModivCare,

Inc.*

1,124

44,701

National

HealthCare

Corp.(a)

1,102

102,530

National

Research

Corp.

1,173

46,216

NeoGenomics,

Inc.*

11,394

169,201

OPKO

Health,

Inc.*(a)

34,212

34,896

Option

Care

Health,

Inc.*

15,154

473,411

Owens

&

Minor,

Inc.*

6,485

127,819

P3

Health

Partners,

Inc.*

2,825

3,418

Patterson

Cos.,

Inc.

7,758

231,654

Pediatrix

Medical

Group,

Inc.*(a)

7,793

72,943

Pennant

Group,

Inc.

(The)*

2,429

36,459

PetIQ,

Inc.,

Class

A*

2,580

46,363

Privia

Health

Group,

Inc.*

10,143

204,483

Progyny,

Inc.*

7,086

269,906

Quipt

Home

Medical

Corp.*

3,819

17,949

RadNet,

Inc.*

5,490

202,965

Select

Medical

Holdings

Corp.

9,496

246,801

Surgery

Partners,

Inc.*

6,721

206,268

US

Physical

Therapy,

Inc.

1,341

123,721

Viemed

Healthcare,

Inc.*

3,230

26,228

5,537,147

Health

Care

REITs

0.6%

CareTrust

REIT,

Inc.

8,906

186,314

Community

Healthcare

Trust,

Inc.

2,417

61,851

Diversified

Healthcare

Trust

20,523

58,901

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Global

Medical

REIT,

Inc.

5,727

57,900

LTC

Properties,

Inc.

3,708

115,578

National

Health

Investors,

Inc.

3,827

203,520

Physicians

Realty

Trust

21,932

268,448

Sabra

Health

Care

REIT,

Inc.

20,839

277,992

Universal

Health

Realty

Income

Trust

1,227

48,847

1,279,351

Health

Care

Technology

0.4%

American

Well

Corp.,

Class

A*

22,693

23,828

Computer

Programs

&

Systems,

Inc.*

1,315

13,321

Definitive

Healthcare

Corp.,

Class

A*(a)

4,272

36,312

Evolent

Health,

Inc.,

Class

A*

9,949

292,600

Health

Catalyst,

Inc.*

4,913

48,000

HealthStream,

Inc.

2,210

58,830

Multiplan

Corp.*(a)

34,721

35,068

OptimizeRx

Corp.*

1,191

16,817

Phreesia,

Inc.*

4,710

120,011

Schrodinger,

Inc.*(a)

4,879

129,050

Sharecare,

Inc.*(a)

29,319

33,130

Simulations

Plus,

Inc.(a)

1,445

54,766

Veradigm,

Inc.*(a)

9,294

84,854

946,587

Hotel

&

Resort

REITs

0.9%

Apple

Hospitality

REIT,

Inc.

19,504

313,234

Braemar

Hotels

&

Resorts,

Inc.

4,882

11,131

Chatham

Lodging

Trust

4,365

45,833

DiamondRock

Hospitality

Co.

19,366

177,005

Pebblebrook

Hotel

Trust

10,946

166,598

RLJ

Lodging

Trust

14,186

164,274

Ryman

Hospitality

Properties,

Inc.

5,321

584,778

Service

Properties

Trust

14,676

113,445

Summit

Hotel

Properties,

Inc.

9,803

63,523

Sunstone

Hotel

Investors,

Inc.

18,762

200,191

Xenia

Hotels

&

Resorts,

Inc.

10,133

135,073

1,975,085

Hotels,

Restaurants

&

Leisure

2.2%

Accel

Entertainment,

Inc.,

Class

A*

4,806

49,262

Bally's

Corp.*

2,772

31,213

Biglari

Holdings,

Inc.,

Class

B*

64

9,899

BJ's

Restaurants,

Inc.*

2,094

72,473

Bloomin'

Brands,

Inc.(a)

8,001

212,987

Bowlero

Corp.,

Class

A*(a)

1,535

16,593

Brinker

International,

Inc.*

3,904

167,052

Carrols

Restaurant

Group,

Inc.

3,478

32,693

Century

Casinos,

Inc.*

2,834

9,834

Cheesecake

Factory,

Inc.

(The)(a)

4,311

148,169

Chuy's

Holdings,

Inc.*

1,577

53,318

Cracker

Barrel

Old

Country

Store,

Inc.(a)

1,995

154,313

Dave

&

Buster's

Entertainment,

Inc.*

3,345

179,058

Denny's

Corp.*

4,714

50,110

Dine

Brands

Global,

Inc.

1,471

68,622

El

Pollo

Loco

Holdings,

Inc.*

2,709

25,085

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Empire

Resorts,

Inc.*∞

618

0

Everi

Holdings,

Inc.*

7,648

79,616

First

Watch

Restaurant

Group,

Inc.*(a)

1,918

41,160

Full

House

Resorts,

Inc.*

3,100

14,632

Global

Business

Travel

Group

I*(a)

3,054

17,683

Golden

Entertainment,

Inc.

1,845

70,811

Hilton

Grand

Vacations,

Inc.*

7,223

301,199

Inspired

Entertainment,

Inc.*

1,870

17,167

International

Game

Technology

plc

9,843

255,524

Jack

in

the

Box,

Inc.

1,896

147,831

Krispy

Kreme,

Inc.(a)

7,842

104,220

Kura

Sushi

USA,

Inc.,

Class

A*(a)

552

54,168

Life

Time

Group

Holdings,

Inc.*(a)

4,057

53,958

Light

&

Wonder,

Inc.*

8,271

664,823

Lindblad

Expeditions

Holdings,

Inc.*

3,420

31,601

Monarch

Casino

&

Resort,

Inc.

1,225

84,439

Mondee

Holdings,

Inc.,

Class

A*(a)

4,296

10,031

Nathan's

Famous,

Inc.

267

19,050

Noodles

&

Co.,

Class

A*

3,955

10,046

ONE

Group

Hospitality,

Inc.

(The)*

1,852

8,149

Papa

John's

International,

Inc.

(a)

3,053

224,334

PlayAGS,

Inc.*

3,495

30,441

Portillo's,

Inc.,

Class

A*

4,021

55,249

Potbelly

Corp.*

1,737

21,852

RCI

Hospitality

Holdings,

Inc.

762

47,061

Red

Robin

Gourmet

Burgers,

Inc.*(a)

1,502

15,290

Red

Rock

Resorts,

Inc.,

Class

A(a)

4,344

237,530

Rush

Street

Interactive,

Inc.*

5,505

28,681

Sabre

Corp.*

30,405

124,661

SeaWorld

Entertainment,

Inc.*

3,275

161,785

Shake

Shack,

Inc.,

Class

A*

3,431

259,246

Six

Flags

Entertainment

Corp.*

6,548

165,075

Super

Group

SGHC

Ltd.*

10,684

33,441

Sweetgreen,

Inc.,

Class

A*

8,789

93,867

Target

Hospitality

Corp.*

2,265

21,903

Xponential

Fitness,

Inc.,

Class

A*

2,339

25,869

4,813,074

Household

Durables

2.4%

Beazer

Homes

USA,

Inc.*

2,713

86,138

Cavco

Industries,

Inc.*(a)

793

263,213

Century

Communities,

Inc.

2,584

224,033

Cricut,

Inc.,

Class

A

4,527

23,721

Dream

Finders

Homes,

Inc.,

Class

A*

2,293

75,371

Ethan

Allen

Interiors,

Inc.

2,056

59,891

GoPro,

Inc.,

Class

A*

12,312

36,690

Green

Brick

Partners,

Inc.*

2,272

118,530

Helen

of

Troy

Ltd.*(a)

2,126

243,427

Hooker

Furnishings

Corp.

1,040

24,003

84

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Household

Durables

Hovnanian

Enterprises,

Inc.,

Class

A*

430

72,657

Installed

Building

Products,

Inc.(a)

2,133

415,615

iRobot

Corp.*(a)

2,486

33,810

KB

Home

6,442

383,879

Landsea

Homes

Corp.*

1,781

22,423

La-Z-Boy,

Inc.

3,859

134,332

Legacy

Housing

Corp.*

895

21,149

LGI

Homes,

Inc.*

1,881

221,977

Lovesac

Co.

(The)*

1,259

29,158

M/I

Homes,

Inc.*

2,457

313,071

MDC

Holdings,

Inc.

5,361

335,491

Meritage

Homes

Corp.

3,272

541,876

Purple

Innovation,

Inc.,

Class

A(a)

5,433

5,542

Skyline

Champion

Corp.*

4,811

329,457

Snap

One

Holdings

Corp.*(a)

1,826

14,425

Sonos,

Inc.*

11,556

180,042

Taylor

Morrison

Home

Corp.,

Class

A*

9,475

494,027

Traeger,

Inc.*

3,642

7,976

Tri

Pointe

Homes,

Inc.*

8,661

299,064

United

Homes

Group,

Inc.*(a)

642

4,828

Vizio

Holding

Corp.,

Class

A*

6,901

48,307

VOXX

International

Corp.,

Class

A*(a)

611

5,102

Worthington

Enterprises,

Inc.

(a)

2,772

158,115

5,227,340

Household

Products

0.3%

Central

Garden

&

Pet

Co.*(a)

924

43,336

Central

Garden

&

Pet

Co.,

Class

A*

3,394

140,104

Energizer

Holdings,

Inc.

6,388

201,989

Oil-Dri

Corp.

of

America

465

30,206

WD-40

Co.(a)

1,222

316,473

732,108

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Altus

Power,

Inc.,

Class

A*

6,048

32,599

Montauk

Renewables,

Inc.*

5,920

40,907

Ormat

Technologies,

Inc.(a)

4,884

315,897

Sunnova

Energy

International,

Inc.*(a)

9,323

98,078

487,481

Industrial

Conglomerates

0.0%

†

Brookfield

Business

Corp.,

Class

A(a)

2,500

57,425

Industrial

REITs

0.5%

Innovative

Industrial

Properties,

Inc.

2,516

234,567

LXP

Industrial

Trust

26,019

236,513

Plymouth

Industrial

REIT,

Inc.

4,066

90,021

Terreno

Realty

Corp.

7,566

451,917

1,013,018

Insurance

1.8%

Ambac

Financial

Group,

Inc.*

4,156

67,535

Common

Stocks

Shares

Value

($)

Insurance

American

Coastal

Insurance

Corp.*(a)

1,856

21,474

American

Equity

Investment

Life

Holding

Co.*

7,128

393,537

AMERISAFE,

Inc.

1,695

84,479

BRP

Group,

Inc.,

Class

A*(a)

5,556

124,677

CNO

Financial

Group,

Inc.

10,235

278,187

Crawford

&

Co.,

Class

A

1,051

12,759

Donegal

Group,

Inc.,

Class

A

1,421

21,329

eHealth,

Inc.*

2,314

15,735

Employers

Holdings,

Inc.

2,066

86,194

Enstar

Group

Ltd.*

1,083

289,042

F&G

Annuities

&

Life,

Inc.

1,773

79,501

Fidelis

Insurance

Holdings

Ltd.*

1,400

18,228

Genworth

Financial,

Inc.,

Class

A*

41,555

256,394

GoHealth,

Inc.,

Class

A*(a)

371

4,382

Goosehead

Insurance,

Inc.,

Class

A*

1,952

150,694

Greenlight

Capital

Re

Ltd.,

Class

A*

2,258

25,764

HCI

Group,

Inc.(a)

550

49,319

Hippo

Holdings,

Inc.*

992

9,176

Horace

Mann

Educators

Corp.

3,716

136,860

Investors

Title

Co.

93

15,554

James

River

Group

Holdings

Ltd.

2,974

28,461

Kingsway

Financial

Services,

Inc.*(a)

1,007

8,831

Lemonade,

Inc.*(a)

4,330

68,501

Maiden

Holdings

Ltd.*(a)

8,591

15,120

MBIA,

Inc.

3,927

23,876

Mercury

General

Corp.

2,368

94,838

National

Western

Life

Group,

Inc.,

Class

A

206

99,704

NI

Holdings,

Inc.*

857

11,450

Oscar

Health,

Inc.,

Class

A*

13,735

171,962

Palomar

Holdings,

Inc.*

2,192

131,235

ProAssurance

Corp.

4,993

67,206

Safety

Insurance

Group,

Inc.

1,191

99,222

Selective

Insurance

Group,

Inc.

5,480

574,633

Selectquote,

Inc.*

12,915

14,336

SiriusPoint

Ltd.*

6,398

75,496

Skyward

Specialty

Insurance

Group,

Inc.*(a)

2,156

67,052

Stewart

Information

Services

Corp.

2,529

155,938

Tiptree,

Inc.,

Class

A

2,112

39,980

Trupanion,

Inc.*(a)

3,527

95,934

United

Fire

Group,

Inc.

1,888

42,310

Universal

Insurance

Holdings,

Inc.

2,267

37,678

4,064,583

Interactive

Media

&

Services

0.7%

Bumble,

Inc.,

Class

A*

9,311

127,747

Cargurus,

Inc.,

Class

A*(a)

8,862

205,953

Cars.com,

Inc.*

6,182

107,752

DHI

Group,

Inc.*

3,527

8,077

Eventbrite,

Inc.,

Class

A*

7,312

61,201

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

EverQuote,

Inc.,

Class

A*

1,856

23,441

fuboTV,

Inc.*(a)

26,340

65,587

Grindr,

Inc.*(a)

3,084

26,769

MediaAlpha,

Inc.,

Class

A*

1,872

23,868

Nextdoor

Holdings,

Inc.*

13,774

20,936

Outbrain,

Inc.*

3,099

12,179

QuinStreet,

Inc.*

4,917

62,298

Shutterstock,

Inc.

2,194

103,052

System1,

Inc.*(a)

2,344

4,219

TrueCar,

Inc.*

8,503

30,101

Vimeo,

Inc.*

12,941

51,376

Yelp,

Inc.,

Class

A*

5,987

261,812

Ziff

Davis,

Inc.*

4,232

285,237

ZipRecruiter,

Inc.,

Class

A*

6,080

84,634

1,566,239

IT

Services

0.5%

Applied

Digital

Corp.*(a)

6,614

33,996

BigBear.ai

Holdings,

Inc.*(a)

2,606

4,222

BigCommerce

Holdings,

Inc.,

Series

1*

5,937

48,565

Brightcove,

Inc.*

4,060

9,297

Couchbase,

Inc.*

3,233

80,825

DigitalOcean

Holdings,

Inc.*(a)

5,723

192,980

Fastly,

Inc.,

Class

A*

10,990

221,119

Grid

Dynamics

Holdings,

Inc.*

5,288

69,008

Hackett

Group,

Inc.

(The)

2,220

51,326

Information

Services

Group,

Inc.

2,880

12,730

Perficient,

Inc.*(a)

3,131

213,315

Rackspace

Technology,

Inc.*(a)

4,830

8,114

Squarespace,

Inc.,

Class

A*

4,667

144,677

Thoughtworks

Holding,

Inc.*

8,762

41,006

Tucows,

Inc.,

Class

A*(a)

959

22,172

Unisys

Corp.*

6,278

42,314

1,195,666

Leisure

Products

0.4%

Acushnet

Holdings

Corp.(a)

2,735

173,235

AMMO,

Inc.*(a)

8,211

17,818

Clarus

Corp.

2,530

14,978

Escalade,

Inc.(a)

942

15,128

Funko,

Inc.,

Class

A*(a)

3,050

21,563

JAKKS

Pacific,

Inc.*

684

21,450

Johnson

Outdoors,

Inc.,

Class

A

496

22,201

Latham

Group,

Inc.*

4,039

10,219

Malibu

Boats,

Inc.,

Class

A*(a)

1,780

74,315

Marine

Products

Corp.

694

7,086

MasterCraft

Boat

Holdings,

Inc.*

1,622

31,418

Smith

&

Wesson

Brands,

Inc.

4,217

55,074

Solo

Brands,

Inc.,

Class

A*(a)

2,035

5,678

Sturm

Ruger

&

Co.,

Inc.

1,573

68,677

Topgolf

Callaway

Brands

Corp.*(a)

12,995

171,144

Vista

Outdoor,

Inc.*

5,237

147,003

856,987

Life

Sciences

Tools

&

Services

0.3%

Adaptive

Biotechnologies

Corp.*(a)

10,374

38,072

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Akoya

Biosciences,

Inc.*

1,283

6,518

BioLife

Solutions,

Inc.*

2,906

49,402

Codexis,

Inc.*

5,840

15,359

CryoPort,

Inc.*

3,757

54,514

Cytek

Biosciences,

Inc.*(a)

11,127

84,009

Harvard

Bioscience,

Inc.*

3,702

16,289

MaxCyte,

Inc.*

7,216

36,729

Mesa

Laboratories,

Inc.

478

43,794

NanoString

Technologies,

Inc.*(a)

4,336

1,785

Nautilus

Biotechnology,

Inc.,

Class

A*

4,017

11,167

OmniAb,

Inc.*

7,732

44,846

OmniAb,

Inc.*^∞

1,082

0

Pacific

Biosciences

of

California,

Inc.*

22,948

149,391

Quanterix

Corp.*

3,133

69,208

Quantum-Si,

Inc.*(a)

8,046

12,552

Seer,

Inc.,

Class

A*

5,351

9,204

642,839

Machinery

3.5%

374Water,

Inc.*(a)

5,604

6,725

3D

Systems

Corp.*

12,081

57,868

Alamo

Group,

Inc.

922

195,722

Albany

International

Corp.,

Class

A

2,842

252,682

Astec

Industries,

Inc.

2,029

72,232

Barnes

Group,

Inc.

4,491

148,697

Blue

Bird

Corp.*

2,311

67,319

Chart

Industries,

Inc.*

3,865

451,123

Columbus

McKinnon

Corp.

2,655

103,731

Commercial

Vehicle

Group,

Inc.*

3,040

19,730

Desktop

Metal,

Inc.,

Class

A*(a)

27,186

17,636

Douglas

Dynamics,

Inc.

1,905

47,911

Energy

Recovery,

Inc.*

5,121

79,427

Enerpac

Tool

Group

Corp.,

Class

A

4,868

152,028

Enpro,

Inc.

1,913

285,764

ESCO

Technologies,

Inc.

2,312

235,523

Federal

Signal

Corp.

5,413

416,693

Franklin

Electric

Co.,

Inc.(a)

4,175

393,536

Gencor

Industries,

Inc.*(a)

997

15,553

Gorman-Rupp

Co.

(The)

2,152

71,855

Greenbrier

Cos.,

Inc.

(The)

2,806

127,561

Helios

Technologies,

Inc.(a)

3,048

125,760

Hillenbrand,

Inc.

6,406

298,327

Hillman

Solutions

Corp.*

17,767

156,172

Hyliion

Holdings

Corp.*(a)

13,719

14,405

Hyster-Yale

Materials

Handling,

Inc.

1,034

67,954

John

Bean

Technologies

Corp.

(a)

2,861

282,552

Kadant,

Inc.

1,043

298,298

Kennametal,

Inc.

7,394

181,301

Lindsay

Corp.

974

126,727

Luxfer

Holdings

plc

2,050

16,872

Manitowoc

Co.,

Inc.

(The)*

3,253

52,373

Mayville

Engineering

Co.,

Inc.*

1,045

13,261

Microvast

Holdings,

Inc.*(a)

19,525

18,314

86

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

Miller

Industries,

Inc.

1,051

42,303

Mueller

Industries,

Inc.

10,204

489,792

Mueller

Water

Products,

Inc.,

Class

A

14,108

193,421

Nikola

Corp.*(a)

56,187

41,989

Omega

Flex,

Inc.

304

21,207

Park-Ohio

Holdings

Corp.

794

19,644

Proto

Labs,

Inc.*

2,281

82,321

REV

Group,

Inc.

3,063

59,790

Shyft

Group,

Inc.

(The)

2,780

30,107

SPX

Technologies,

Inc.*

4,014

403,969

Standex

International

Corp.

1,081

159,620

Tennant

Co.

1,685

159,266

Terex

Corp.(a)

6,027

370,239

Titan

International,

Inc.*

4,784

70,612

Trinity

Industries,

Inc.

7,190

180,757

Velo3D,

Inc.*(a)

9,504

2,979

Wabash

National

Corp.(a)

4,071

102,996

Watts

Water

Technologies,

Inc.,

Class

A(a)

2,463

487,699

7,790,343

Marine

Transportation

0.3%

Costamare,

Inc.

4,375

46,856

Eagle

Bulk

Shipping,

Inc.(a)

878

48,404

Genco

Shipping

&

Trading

Ltd.

3,572

62,653

Golden

Ocean

Group

Ltd.(a)

11,113

117,465

Himalaya

Shipping

Ltd.*

2,141

13,938

Matson,

Inc.

3,174

355,583

Pangaea

Logistics

Solutions

Ltd.

3,447

32,126

Safe

Bulkers,

Inc.

5,998

24,232

701,257

Media

0.7%

Advantage

Solutions,

Inc.*(a)

7,239

29,173

AMC

Networks,

Inc.,

Class

A*(a)

2,690

48,662

Boston

Omaha

Corp.,

Class

A*

2,239

34,682

Cardlytics,

Inc.*

3,087

23,585

Clear

Channel

Outdoor

Holdings,

Inc.*

34,415

59,194

Daily

Journal

Corp.*

125

40,165

Emerald

Holding,

Inc.*

1,555

9,548

Entravision

Communications

Corp.,

Class

A

5,926

23,882

EW

Scripps

Co.

(The),

Class

A*(a)

4,952

39,467

Gambling.com

Group

Ltd.*(a)

983

8,994

Gannett

Co.,

Inc.*

13,690

33,814

Gray

Television,

Inc.

7,472

71,358

iHeartMedia,

Inc.,

Class

A*

9,650

26,151

Integral

Ad

Science

Holding

Corp.*

4,434

64,515

John

Wiley

&

Sons,

Inc.,

Class

A

3,328

112,620

Magnite,

Inc.*

12,499

110,616

PubMatic,

Inc.,

Class

A*

3,570

54,193

Scholastic

Corp.

2,342

90,026

Sinclair,

Inc.(a)

2,719

42,688

Stagwell,

Inc.,

Class

A*(a)

7,354

47,948

TechTarget,

Inc.*

2,243

76,643

TEGNA,

Inc.

18,417

287,121

Common

Stocks

Shares

Value

($)

Media

Thryv

Holdings,

Inc.*

2,934

59,971

Townsquare

Media,

Inc.,

Class

A

1,105

11,868

Urban

One,

Inc.*

479

1,724

Urban

One,

Inc.,

Class

A*

401

1,468

WideOpenWest,

Inc.*

4,967

18,428

1,428,504

Metals

&

Mining

1.8%

5E

Advanced

Materials,

Inc.*(a)

3,697

5,250

Alpha

Metallurgical

Resources,

Inc.

1,038

414,411

Arch

Resources,

Inc.

1,605

284,021

ATI,

Inc.*

11,566

472,702

Caledonia

Mining

Corp.

plc

1,553

16,633

Carpenter

Technology

Corp.

4,443

273,644

Century

Aluminum

Co.*

4,849

54,066

Coeur

Mining,

Inc.*

30,254

81,383

Commercial

Metals

Co.

10,580

552,488

Compass

Minerals

International,

Inc.

3,168

71,248

Constellium

SE,

Class

A*

11,629

218,044

Contango

ORE,

Inc.*(a)

670

11,035

Dakota

Gold

Corp.*

4,450

9,345

Haynes

International,

Inc.

1,106

61,571

Hecla

Mining

Co.

55,464

211,318

i-80

Gold

Corp.*

18,281

29,250

Ivanhoe

Electric,

Inc.*(a)

5,924

49,525

Kaiser

Aluminum

Corp.

1,397

90,665

Materion

Corp.(a)

1,853

216,745

Novagold

Resources,

Inc.*

21,893

56,046

Olympic

Steel,

Inc.

906

61,228

Perpetua

Resources

Corp.*

3,574

10,222

Piedmont

Lithium,

Inc.*(a)

1,680

25,670

Ramaco

Resources,

Inc.,

Class

A(a)

2,161

40,800

Ramaco

Resources,

Inc.,

Class

B

446

5,628

Ryerson

Holding

Corp.

2,618

89,850

Schnitzer

Steel

Industries,

Inc.,

Class

A

2,434

64,087

SunCoke

Energy,

Inc.

7,277

74,589

TimkenSteel

Corp.*

3,772

77,515

Tredegar

Corp.

2,642

12,497

Warrior

Met

Coal,

Inc.

4,601

295,246

Worthington

Steel,

Inc.*

2,772

83,021

4,019,743

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.1%

AFC

Gamma,

Inc.

1,587

18,504

Angel

Oak

Mortgage

REIT,

Inc.

641

6,840

Apollo

Commercial

Real

Estate

Finance,

Inc.

13,304

148,473

Arbor

Realty

Trust,

Inc.

15,526

206,496

Ares

Commercial

Real

Estate

Corp.

4,706

44,754

ARMOUR

Residential

REIT,

Inc.

4,554

86,754

Blackstone

Mortgage

Trust,

Inc.,

Class

A

15,383

303,660

BrightSpire

Capital,

Inc.,

Class

A

12,198

87,216

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Chicago

Atlantic

Real

Estate

Finance,

Inc.

1,549

24,583

Chimera

Investment

Corp.

20,489

98,347

Claros

Mortgage

Trust,

Inc.

8,350

98,029

Dynex

Capital,

Inc.

5,118

62,644

Ellington

Financial,

Inc.

6,897

84,212

Franklin

BSP

Realty

Trust,

Inc.

7,404

94,919

Granite

Point

Mortgage

Trust,

Inc.

4,847

27,192

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

9,669

230,026

Invesco

Mortgage

Capital,

Inc.

3,972

34,993

KKR

Real

Estate

Finance

Trust,

Inc.

5,503

67,357

Ladder

Capital

Corp.,

Class

A

10,079

110,164

MFA

Financial,

Inc.

9,109

100,837

New

York

Mortgage

Trust,

Inc.

8,611

67,510

Nexpoint

Real

Estate

Finance,

Inc.

595

8,669

Orchid

Island

Capital,

Inc.

4,899

39,094

PennyMac

Mortgage

Investment

Trust

8,213

117,774

Ready

Capital

Corp.

14,536

136,202

Redwood

Trust,

Inc.

9,903

66,449

TPG

RE

Finance

Trust,

Inc.

5,816

35,419

Two

Harbors

Investment

Corp.

8,834

110,072

2,517,189

Multi-Utilities

0.4%

Avista

Corp.

6,834

232,424

Black

Hills

Corp.

6,021

311,647

Northwestern

Energy

Group,

Inc.

5,705

274,525

Unitil

Corp.

1,356

64,437

883,033

Office

REITs

0.7%

Brandywine

Realty

Trust

16,082

76,229

City

Office

REIT,

Inc.

3,848

20,202

COPT

Defense

Properties

10,239

241,231

Douglas

Emmett,

Inc.

8,374

113,468

Easterly

Government

Properties,

Inc.,

Class

A

8,777

107,781

Equity

Commonwealth

9,080

173,519

Hudson

Pacific

Properties,

Inc.

12,917

105,790

JBG

SMITH

Properties

9,246

147,936

Office

Properties

Income

Trust

4,572

16,779

Orion

Office

REIT,

Inc.

5,993

30,804

Paramount

Group,

Inc.

17,693

84,042

Peakstone

Realty

Trust

2,998

43,411

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

10,929

74,317

Postal

Realty

Trust,

Inc.,

Class

A

1,588

22,391

SL

Green

Realty

Corp.

5,278

237,246

1,495,146

Oil,

Gas

&

Consumable

Fuels

4.6%

Amplify

Energy

Corp.*(a)

3,022

18,495

Ardmore

Shipping

Corp.

3,769

62,452

Berry

Corp.

6,941

46,574

California

Resources

Corp.

6,378

304,103

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Callon

Petroleum

Co.*

5,647

181,382

Centrus

Energy

Corp.,

Class

A*

1,140

57,251

Chord

Energy

Corp.

3,799

584,134

Civitas

Resources,

Inc.

7,354

476,613

Clean

Energy

Fuels

Corp.*

16,347

48,224

CNX

Resources

Corp.*

14,323

289,325

Comstock

Resources,

Inc.(a)

7,757

60,582

CONSOL

Energy,

Inc.

2,735

258,731

Crescent

Energy

Co.,

Class

A(a)

6,905

76,300

CVR

Energy,

Inc.

3,042

102,607

Delek

US

Holdings,

Inc.

5,994

162,018

DHT

Holdings,

Inc.

12,616

140,290

Dorian

LPG

Ltd.(a)

3,137

117,449

Empire

Petroleum

Corp.*(a)

977

6,526

Encore

Energy

Corp.*(a)

13,400

61,774

Energy

Fuels,

Inc.*(a)

14,548

109,837

Enviva,

Inc.(a)

2,963

1,298

Equitrans

Midstream

Corp.

39,366

401,140

Evolution

Petroleum

Corp.

2,985

16,746

Excelerate

Energy,

Inc.,

Class

A

1,292

19,793

FLEX

LNG

Ltd.

2,619

78,491

FutureFuel

Corp.

2,709

15,441

Gevo,

Inc.*(a)

24,450

22,831

Golar

LNG

Ltd.

9,090

198,253

Granite

Ridge

Resources,

Inc.

(a)

2,459

13,475

Green

Plains,

Inc.*(a)

3,466

71,850

Gulfport

Energy

Corp.*

1,022

129,692

Hallador

Energy

Co.*

2,162

18,442

HighPeak

Energy,

Inc.(a)

1,081

14,756

International

Seaways,

Inc.

3,581

192,085

Kinetik

Holdings,

Inc.,

Class

A(a)

1,598

51,967

Kosmos

Energy

Ltd.*

41,772

253,138

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

16,078

331,528

Matador

Resources

Co.

10,339

567,508

Murphy

Oil

Corp.

13,591

525,972

NACCO

Industries,

Inc.,

Class

A

402

14,585

NextDecade

Corp.*

7,065

35,961

Nordic

American

Tankers

Ltd.

18,361

81,707

Northern

Oil

and

Gas,

Inc.

8,092

271,082

Overseas

Shipholding

Group,

Inc.,

Class

A

5,462

33,318

Par

Pacific

Holdings,

Inc.*

5,052

184,853

PBF

Energy,

Inc.,

Class

A

10,107

510,505

Peabody

Energy

Corp.

10,207

272,527

Permian

Resources

Corp.,

Class

A

35,278

475,547

PrimeEnergy

Resources

Corp.*

71

6,830

REX

American

Resources

Corp.*

1,431

59,229

Riley

Exploration

Permian,

Inc.

807

17,932

Ring

Energy,

Inc.*(a)

9,352

12,999

SandRidge

Energy,

Inc.(a)

1,979

28,893

Scorpio

Tankers,

Inc.

4,258

301,041

SFL

Corp.

Ltd.

10,456

127,250

88

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

SilverBow

Resources,

Inc.*

1,918

50,942

Sitio

Royalties

Corp.,

Class

A(a)

7,411

158,077

SM

Energy

Co.

10,724

397,646

Talos

Energy,

Inc.*

12,104

156,989

Teekay

Corp.*

5,759

51,773

Teekay

Tankers

Ltd.,

Class

A

2,154

134,733

Tellurian,

Inc.*(a)

47,968

24,032

Uranium

Energy

Corp.*(a)

34,610

264,420

VAALCO

Energy,

Inc.

10,190

43,409

Vertex

Energy,

Inc.*(a)

6,390

9,329

Vital

Energy,

Inc.*(a)

2,145

94,015

Vitesse

Energy,

Inc.(a)

2,373

49,857

W&T

Offshore,

Inc.(a)

9,007

27,381

World

Kinect

Corp.

5,447

122,939

10,108,874

Paper

&

Forest

Products

0.1%

Clearwater

Paper

Corp.*

1,392

45,894

Glatfelter

Corp.*

4,694

6,806

Sylvamo

Corp.

3,201

148,623

201,323

Passenger

Airlines

0.4%

Allegiant

Travel

Co.

1,394

109,289

Blade

Air

Mobility,

Inc.*(a)

5,011

14,933

Frontier

Group

Holdings,

Inc.*(a)

3,702

18,029

Hawaiian

Holdings,

Inc.*

4,651

66,277

JetBlue

Airways

Corp.*

31,314

166,277

Joby

Aviation,

Inc.*(a)

25,271

137,980

SkyWest,

Inc.*

3,709

197,541

Spirit

Airlines,

Inc.(a)

9,782

61,529

Sun

Country

Airlines

Holdings,

Inc.*

3,113

42,368

814,223

Personal

Care

Products

1.0%

Beauty

Health

Co.

(The)*(a)

7,616

22,315

BellRing

Brands,

Inc.*

11,943

660,089

Edgewell

Personal

Care

Co.

4,619

171,134

elf

Beauty,

Inc.*

4,872

777,230

Herbalife

Ltd.*(a)

9,161

110,390

Inter

Parfums,

Inc.

1,666

231,824

Medifast,

Inc.(a)

909

49,677

Nature's

Sunshine

Products,

Inc.*

1,134

19,743

Nu

Skin

Enterprises,

Inc.,

Class

A(a)

4,502

83,557

USANA

Health

Sciences,

Inc.*

1,073

50,238

Waldencast

plc,

Class

A*

3,222

22,715

2,198,912

Pharmaceuticals

1.8%

Aclaris

Therapeutics,

Inc.*(a)

6,353

7,369

Amneal

Pharmaceuticals,

Inc.*(a)

10,459

55,956

Amphastar

Pharmaceuticals,

Inc.*(a)

3,420

182,491

Amylyx

Pharmaceuticals,

Inc.*

4,519

72,304

ANI

Pharmaceuticals,

Inc.*

1,332

74,352

Arvinas,

Inc.*(a)

4,407

182,890

Assertio

Holdings,

Inc.*(a)

8,400

7,414

Atea

Pharmaceuticals,

Inc.*

7,410

30,826

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Axsome

Therapeutics,

Inc.*(a)

3,185

286,745

Biote

Corp.,

Class

A*(a)

1,325

5,022

Bright

Green

Corp.*

7,756

1,548

Cara

Therapeutics,

Inc.*

4,282

2,422

Cassava

Sciences,

Inc.*(a)

3,495

83,705

Citius

Pharmaceuticals,

Inc.*(a)

11,629

7,222

Collegium

Pharmaceutical,

Inc.*(a)

3,038

100,132

Corcept

Therapeutics,

Inc.*

7,396

156,056

CorMedix,

Inc.*(a)

4,222

12,455

Cymabay

Therapeutics,

Inc.*(a)

10,073

236,816

Edgewise

Therapeutics,

Inc.*

3,852

68,681

Enliven

Therapeutics,

Inc.*(a)

2,209

34,681

Evolus,

Inc.*

3,918

49,719

Eyenovia,

Inc.*(a)

2,721

4,952

EyePoint

Pharmaceuticals,

Inc.*

2,388

64,309

Harmony

Biosciences

Holdings,

Inc.*

2,878

90,772

Harrow,

Inc.*

2,461

23,453

Ikena

Oncology,

Inc.*

2,012

2,696

Innoviva,

Inc.*(a)

5,283

85,585

Intra-Cellular

Therapies,

Inc.*

8,464

569,966

Ligand

Pharmaceuticals,

Inc.*

1,578

115,352

Liquidia

Corp.*(a)

4,270

54,571

Longboard

Pharmaceuticals,

Inc.*

1,474

31,308

Marinus

Pharmaceuticals,

Inc.*(a)

4,715

45,924

Neumora

Therapeutics,

Inc.*(a)

1,333

19,862

NGM

Biopharmaceuticals,

Inc.*

3,797

5,809

Nuvation

Bio,

Inc.*

14,237

23,064

Ocular

Therapeutix,

Inc.*

7,507

36,484

Omeros

Corp.*(a)

5,761

18,666

Optinose,

Inc.*(a)

6,899

8,693

Pacira

BioSciences,

Inc.*

4,234

137,986

Phathom

Pharmaceuticals,

Inc.*(a)

3,036

20,341

Phibro

Animal

Health

Corp.,

Class

A

2,135

23,079

Pliant

Therapeutics,

Inc.*(a)

4,974

89,134

Prestige

Consumer

Healthcare,

Inc.*

4,485

276,007

Revance

Therapeutics,

Inc.*

7,770

39,083

Scilex

Holding

Co.*

6,009

9,855

scPharmaceuticals,

Inc.*(a)

2,733

13,392

SIGA

Technologies,

Inc.(a)

4,443

21,682

Supernus

Pharmaceuticals,

Inc.*

4,399

121,764

Taro

Pharmaceutical

Industries

Ltd.*

774

33,321

Tarsus

Pharmaceuticals,

Inc.*(a)

2,612

71,151

Terns

Pharmaceuticals,

Inc.*

4,055

21,005

Theravance

Biopharma,

Inc.*(a)

4,475

42,423

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Theseus

Pharmaceuticals,

Inc.*

1,731

7,028

Third

Harmonic

Bio,

Inc.*(a)

1,819

15,771

Trevi

Therapeutics,

Inc.*

3,939

5,593

Ventyx

Biosciences,

Inc.*

4,428

9,343

Verrica

Pharmaceuticals,

Inc.*(a)

1,975

11,159

WaVe

Life

Sciences

Ltd.*

5,595

24,170

Xeris

Biopharma

Holdings,

Inc.*(a)

11,522

28,344

Zevra

Therapeutics,

Inc.*(a)

3,282

19,003

3,900,906

Professional

Services

2.5%

Alight,

Inc.,

Class

A*

37,066

330,629

ASGN,

Inc.*

4,303

399,404

Asure

Software,

Inc.*

1,830

16,177

Barrett

Business

Services,

Inc.

597

67,025

BlackSky

Technology,

Inc.,

Class

A*(a)

11,187

14,208

CBIZ,

Inc.*

4,378

278,703

Conduent,

Inc.*

16,082

57,895

CRA

International,

Inc.

615

65,953

CSG

Systems

International,

Inc.(a)

2,911

146,452

ExlService

Holdings,

Inc.*(a)

14,591

456,406

Exponent,

Inc.

4,527

399,236

First

Advantage

Corp.(a)

4,905

80,295

FiscalNote

Holdings,

Inc.*(a)

5,892

7,306

Forrester

Research,

Inc.*

1,137

28,971

Franklin

Covey

Co.*

1,042

42,139

Heidrick

&

Struggles

International,

Inc.

1,849

55,415

HireQuest,

Inc.(a)

507

6,743

HireRight

Holdings

Corp.*

1,409

17,472

Huron

Consulting

Group,

Inc.*

1,705

176,519

IBEX

Holdings

Ltd.*

772

13,911

ICF

International,

Inc.

1,737

241,513

Innodata,

Inc.*(a)

2,387

24,753

Insperity,

Inc.

3,217

368,958

Kelly

Services,

Inc.,

Class

A

2,865

58,876

Kforce,

Inc.

1,729

118,177

Korn

Ferry

4,766

279,621

Legalzoom.com,

Inc.*

10,826

111,616

Maximus,

Inc.

5,495

445,754

Mistras

Group,

Inc.*

1,971

15,315

NV5

Global,

Inc.*

1,253

131,427

Planet

Labs

PBC*(a)

14,881

33,631

Resources

Connection,

Inc.(a)

2,989

40,232

Skillsoft

Corp.*(a)

349

4,893

Sterling

Check

Corp.*(a)

2,931

39,979

TriNet

Group,

Inc.*(a)

2,896

329,275

TrueBlue,

Inc.*

2,537

34,960

TTEC

Holdings,

Inc.

1,893

38,579

Upwork,

Inc.*

11,320

155,197

Verra

Mobility

Corp.,

Class

A*

12,534

299,688

Willdan

Group,

Inc.*

1,086

20,786

5,454,089

Real

Estate

Management

&

Development

0.8%

American

Realty

Investors,

Inc.*

278

6,119

Anywhere

Real

Estate,

Inc.*

9,989

71,122

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Compass,

Inc.,

Class

A*(a)

26,321

90,544

Cushman

&

Wakefield

plc*

14,864

156,369

DigitalBridge

Group,

Inc.

14,831

291,281

Douglas

Elliman,

Inc.

7,243

15,645

eXp

World

Holdings,

Inc.(a)

6,547

81,052

Forestar

Group,

Inc.*

1,529

47,797

FRP

Holdings,

Inc.*

633

36,777

Kennedy-Wilson

Holdings,

Inc.

11,135

116,361

Marcus

&

Millichap,

Inc.(a)

2,111

80,408

Maui

Land

&

Pineapple

Co.,

Inc.*

714

14,137

Newmark

Group,

Inc.,

Class

A

12,473

126,601

Opendoor

Technologies,

Inc.*

51,031

174,526

RE/MAX

Holdings,

Inc.,

Class

A

1,632

17,511

Redfin

Corp.*(a)

10,013

81,706

RMR

Group,

Inc.

(The),

Class

A

1,446

37,726

St

Joe

Co.

(The)

3,114

171,893

Star

Holdings*

1,243

14,406

Stratus

Properties,

Inc.*

455

10,465

Tejon

Ranch

Co.*

1,700

26,826

Transcontinental

Realty

Investors,

Inc.*

160

6,357

1,675,629

Residential

REITs

0.4%

Apartment

Investment

and

Management

Co.,

Class

A*

13,214

98,180

BRT

Apartments

Corp.

1,127

18,934

Centerspace

1,382

75,678

Clipper

Realty,

Inc.

1,519

7,686

Elme

Communities

8,026

116,216

Independence

Realty

Trust,

Inc.

20,625

302,981

NexPoint

Residential

Trust,

Inc.

2,113

64,552

UMH

Properties,

Inc.

5,133

77,560

Veris

Residential,

Inc.

7,062

107,696

869,483

Retail

REITs

1.2%

Acadia

Realty

Trust

8,522

145,385

Alexander's,

Inc.

191

41,980

CBL

&

Associates

Properties,

Inc.

2,306

53,914

Getty

Realty

Corp.

4,245

117,417

InvenTrust

Properties

Corp.

6,382

158,465

Kite

Realty

Group

Trust

19,819

424,127

Macerich

Co.

(The)

19,741

311,710

NETSTREIT

Corp.

6,207

112,781

Phillips

Edison

&

Co.,

Inc.

10,716

371,952

Retail

Opportunity

Investments

Corp.

11,218

152,453

Saul

Centers,

Inc.

1,049

40,135

SITE

Centers

Corp.

17,433

232,207

Tanger,

Inc.

9,143

245,947

Urban

Edge

Properties

10,511

181,525

Whitestone

REIT

4,399

56,835

2,646,833

Semiconductors

&

Semiconductor

Equipment

3.1%

ACM

Research,

Inc.,

Class

A*

4,310

74,218

90

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Aehr

Test

Systems*(a)

2,448

36,353

Alpha

&

Omega

Semiconductor

Ltd.*

2,256

57,889

Ambarella,

Inc.*

3,440

180,806

Amkor

Technology,

Inc.

10,132

320,779

Atomera,

Inc.*(a)

1,434

11,271

Axcelis

Technologies,

Inc.*

2,924

380,266

CEVA,

Inc.*

2,013

38,650

Cohu,

Inc.*

4,207

134,035

Credo

Technology

Group

Holding

Ltd.*

10,545

216,278

Diodes,

Inc.*

4,161

280,119

FormFactor,

Inc.*

6,927

268,560

Ichor

Holdings

Ltd.*

2,684

97,161

Impinj,

Inc.*(a)

2,086

202,300

indie

Semiconductor,

Inc.,

Class

A*(a)

13,880

84,252

inTEST

Corp.*

1,016

12,121

Kulicke

&

Soffa

Industries,

Inc.

4,967

249,939

MACOM

Technology

Solutions

Holdings,

Inc.*

4,953

427,097

Maxeon

Solar

Technologies

Ltd.*(a)

2,836

12,847

MaxLinear,

Inc.,

Class

A*

6,751

140,556

Navitas

Semiconductor

Corp.,

Class

A*

9,660

55,352

NVE

Corp.

361

28,876

Onto

Innovation,

Inc.*

4,435

716,253

PDF

Solutions,

Inc.*

2,735

85,332

Photronics,

Inc.*

5,474

159,950

Power

Integrations,

Inc.

5,163

387,018

Rambus,

Inc.*

9,885

677,419

Semtech

Corp.*(a)

5,654

112,175

Silicon

Laboratories,

Inc.*

2,840

350,342

SiTime

Corp.*

1,566

166,889

SkyWater

Technology,

Inc.*

1,280

11,059

SMART

Global

Holdings,

Inc.*(a)

4,544

89,290

Synaptics,

Inc.*

3,554

379,603

Transphorm,

Inc.*

2,324

11,248

Ultra

Clean

Holdings,

Inc.*

4,098

156,544

Veeco

Instruments,

Inc.*

4,566

145,564

6,758,411

Software

5.8%

8x8,

Inc.*(a)

10,793

36,264

A10

Networks,

Inc.

6,173

82,533

ACI

Worldwide,

Inc.*

9,747

293,092

Adeia,

Inc.

9,349

113,497

Agilysys,

Inc.*

1,771

148,250

Alarm.com

Holdings,

Inc.*

4,313

262,317

Alkami

Technology,

Inc.*

3,588

88,336

Altair

Engineering,

Inc.,

Class

A*(a)

4,898

416,428

American

Software,

Inc.,

Class

A

2,711

30,716

Amplitude,

Inc.,

Class

A*

6,409

83,061

Appfolio,

Inc.,

Class

A*

1,737

380,855

Appian

Corp.,

Class

A*

3,794

123,798

Asana,

Inc.,

Class

A*(a)

7,218

125,738

Aurora

Innovation,

Inc.,

Class

A*

31,051

92,842

Common

Stocks

Shares

Value

($)

Software

AvePoint,

Inc.*

13,747

105,852

Bit

Digital,

Inc.*(a)

6,965

18,388

Blackbaud,

Inc.*

3,957

320,200

BlackLine,

Inc.*

5,211

305,781

Box,

Inc.,

Class

A*(a)

12,788

332,232

Braze,

Inc.,

Class

A*

4,764

257,494

C3.ai,

Inc.,

Class

A*(a)

7,264

180,002

Cerence,

Inc.*(a)

3,482

69,710

Cipher

Mining,

Inc.*

3,519

10,698

Cleanspark,

Inc.*(a)

13,755

110,728

Clear

Secure,

Inc.,

Class

A

7,594

144,514

CommVault

Systems,

Inc.*

4,017

368,279

Consensus

Cloud

Solutions,

Inc.*

1,600

34,784

CoreCard

Corp.*(a)

685

8,288

CS

Disco,

Inc.*

2,101

17,186

Digimarc

Corp.*(a)

1,247

44,169

Digital

Turbine,

Inc.*

8,185

44,117

Domo,

Inc.,

Class

B*

3,041

33,056

E2open

Parent

Holdings,

Inc.*

15,828

59,513

eGain

Corp.*

2,246

16,845

Enfusion,

Inc.,

Class

A*

3,474

27,445

Envestnet,

Inc.*(a)

4,555

232,760

Everbridge,

Inc.*

3,640

81,390

EverCommerce,

Inc.*

2,238

21,798

Expensify,

Inc.,

Class

A*

5,227

8,468

Freshworks,

Inc.,

Class

A*

14,730

327,006

Instructure

Holdings,

Inc.*

1,705

41,994

Intapp,

Inc.*

2,557

110,156

InterDigital,

Inc.(a)

2,356

247,498

Jamf

Holding

Corp.*(a)

6,640

123,106

Kaltura,

Inc.*

7,855

13,196

LivePerson,

Inc.*

7,124

19,947

LiveRamp

Holdings,

Inc.*

5,947

234,788

Marathon

Digital

Holdings,

Inc.*(a)

19,225

340,859

Matterport,

Inc.*

23,744

53,424

MeridianLink,

Inc.*

2,486

56,556

MicroStrategy,

Inc.,

Class

A*(a)

1,105

553,837

Mitek

Systems,

Inc.*

3,977

50,110

Model

N,

Inc.*

3,344

90,121

N-able,

Inc.*

6,253

81,164

NextNav,

Inc.*(a)

4,428

18,420

Olo,

Inc.,

Class

A*

9,933

51,354

ON24,

Inc.

3,071

23,493

OneSpan,

Inc.*

3,599

36,926

PagerDuty,

Inc.*(a)

8,335

197,373

PowerSchool

Holdings,

Inc.,

Class

A*(a)

5,008

117,888

Progress

Software

Corp.

3,942

223,945

PROS

Holdings,

Inc.*

4,097

141,019

Q2

Holdings,

Inc.*

5,134

218,452

Qualys,

Inc.*

3,369

637,314

Rapid7,

Inc.*

5,453

300,079

Red

Violet,

Inc.*

1,059

19,782

Rimini

Street,

Inc.*

4,202

13,783

Riot

Platforms,

Inc.*(a)

17,049

185,834

Sapiens

International

Corp.

NV

2,729

74,502

SEMrush

Holdings,

Inc.,

Class

A*(a)

2,966

34,228

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

Software

SolarWinds

Corp.*

4,330

51,181

SoundHound

AI,

Inc.,

Class

A*(a)

13,248

21,992

SoundThinking,

Inc.*

841

17,358

Sprinklr,

Inc.,

Class

A*(a)

9,611

119,945

Sprout

Social,

Inc.,

Class

A*(a)

4,284

262,738

SPS

Commerce,

Inc.*

3,349

615,546

Tenable

Holdings,

Inc.*

10,300

485,130

Terawulf,

Inc.*(a)

12,308

20,554

Varonis

Systems,

Inc.,

Class

B*

9,785

439,151

Verint

Systems,

Inc.*

5,641

167,481

Veritone,

Inc.*(a)

2,716

4,481

Viant

Technology,

Inc.,

Class

A*

1,092

9,358

Weave

Communications,

Inc.*

2,692

33,758

Workiva,

Inc.,

Class

A*(a)

4,506

418,788

Xperi,

Inc.*

3,978

42,485

Yext,

Inc.*

9,766

57,912

Zeta

Global

Holdings

Corp.,

Class

A*

12,705

122,984

Zuora,

Inc.,

Class

A*

11,864

108,437

12,768,857

Specialized

REITs

0.5%

Farmland

Partners,

Inc.

4,018

45,082

Four

Corners

Property

Trust,

Inc.

8,207

192,126

Gladstone

Land

Corp.

3,282

46,473

Outfront

Media,

Inc.

13,349

173,804

PotlatchDeltic

Corp.

7,167

320,580

Safehold,

Inc.

4,486

89,092

Uniti

Group,

Inc.

21,171

111,359

978,516

Specialty

Retail

2.5%

1-800-Flowers.com,

Inc.,

Class

A*

1,982

20,613

Aaron's

Co.,

Inc.

(The)

2,877

29,604

Abercrombie

&

Fitch

Co.,

Class

A*

4,383

446,628

Academy

Sports

&

Outdoors,

Inc.

6,550

410,881

American

Eagle

Outfitters,

Inc.

16,649

329,983

America's

Car-Mart,

Inc.*

479

29,166

Arko

Corp.

7,042

54,927

Asbury

Automotive

Group,

Inc.*

1,867

390,315

BARK,

Inc.*(a)

10,233

10,540

Beyond,

Inc.*

3,924

86,289

Big

5

Sporting

Goods

Corp.(a)

1,973

9,924

Boot

Barn

Holdings,

Inc.*

2,668

191,402

Buckle,

Inc.

(The)

2,790

103,760

Build-A-Bear

Workshop,

Inc.

(a)

1,190

26,811

Caleres,

Inc.(a)

3,094

97,059

Camping

World

Holdings,

Inc.,

Class

A(a)

3,958

98,356

CarParts.com,

Inc.*

4,490

12,078

Carvana

Co.,

Class

A*(a)

8,613

370,876

Cato

Corp.

(The),

Class

A

1,875

12,675

Children's

Place,

Inc.

(The)*

1,028

22,904

Common

Stocks

Shares

Value

($)

Specialty

Retail

Designer

Brands,

Inc.,

Class

A(a)

3,900

33,423

Destination

XL

Group,

Inc.*

4,781

20,415

Duluth

Holdings,

Inc.,

Class

B*

1,128

5,505

Envela

Corp.*

876

3,811

EVgo,

Inc.,

Class

A*(a)

9,472

21,691

Foot

Locker,

Inc.(a)

7,498

211,144

Genesco,

Inc.*

1,036

28,780

Group

1

Automotive,

Inc.

1,232

320,394

GrowGeneration

Corp.*

5,296

12,234

Guess?,

Inc.(a)

2,586

57,771

Haverty

Furniture

Cos.,

Inc.

1,344

45,562

Hibbett,

Inc.

1,091

72,715

J

Jill,

Inc.*(a)

431

10,047

Lands'

End,

Inc.*

1,408

13,334

Lazydays

Holdings,

Inc.*(a)

334

1,640

Leslie's,

Inc.*(a)

15,654

105,038

MarineMax,

Inc.*

1,999

55,972

Monro,

Inc.

2,807

89,431

National

Vision

Holdings,

Inc.*

6,918

131,511

ODP

Corp.

(The)*

2,943

150,505

OneWater

Marine,

Inc.,

Class

A*

1,039

26,214

PetMed

Express,

Inc.

1,978

12,283

Rent

the

Runway,

Inc.,

Class

A*(a)

5,433

3,337

Revolve

Group,

Inc.,

Class

A*(a)

3,707

53,418

Sally

Beauty

Holdings,

Inc.*(a)

9,754

120,169

Shoe

Carnival,

Inc.

1,575

40,162

Signet

Jewelers

Ltd.

4,000

397,920

Sleep

Number

Corp.*

2,022

20,827

Sonic

Automotive,

Inc.,

Class

A(a)

1,353

68,408

Sportsman's

Warehouse

Holdings,

Inc.*(a)

2,986

11,496

Stitch

Fix,

Inc.,

Class

A*

7,702

24,646

ThredUp,

Inc.,

Class

A*(a)

5,808

11,819

Tile

Shop

Holdings,

Inc.*

2,459

15,959

Tilly's,

Inc.,

Class

A*

1,371

10,063

Torrid

Holdings,

Inc.*(a)

1,732

8,937

Upbound

Group,

Inc.

4,998

165,934

Urban

Outfitters,

Inc.*

5,677

215,726

Warby

Parker,

Inc.,

Class

A*

7,669

97,780

Winmark

Corp.

255

91,971

Zumiez,

Inc.*

1,500

25,755

5,568,538

Technology

Hardware,

Storage

&

Peripherals

1.2%

CompoSecure,

Inc.*(a)

1,556

7,842

Corsair

Gaming,

Inc.*

3,473

44,211

CPI

Card

Group,

Inc.*(a)

403

7,355

Eastman

Kodak

Co.*

5,475

18,889

Immersion

Corp.

2,817

19,240

Intevac,

Inc.*(a)

2,415

9,974

IonQ,

Inc.*(a)

14,415

148,042

Super

Micro

Computer,

Inc.*(a)

4,194

2,221,185

Turtle

Beach

Corp.*

1,441

16,384

Xerox

Holdings

Corp.(a)

10,650

196,599

2,689,721

Textiles,

Apparel

&

Luxury

Goods

0.5%

Allbirds,

Inc.,

Class

A*(a)

8,239

7,905

92

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Figs,

Inc.,

Class

A*(a)

11,464

66,033

Fossil

Group,

Inc.*

4,469

5,184

G-III

Apparel

Group

Ltd.*

3,651

109,859

Hanesbrands,

Inc.*

31,949

143,770

Kontoor

Brands,

Inc.

5,085

298,083

Movado

Group,

Inc.

1,414

38,998

Oxford

Industries,

Inc.

1,341

127,301

Rocky

Brands,

Inc.

588

16,452

Steven

Madden

Ltd.

6,740

282,271

Vera

Bradley,

Inc.*

2,482

19,062

Wolverine

World

Wide,

Inc.

7,397

61,839

1,176,757

Tobacco

0.1%

Ispire

Technology,

Inc.*

1,515

16,665

Turning

Point

Brands,

Inc.

1,397

33,933

Universal

Corp.

2,231

129,287

Vector

Group

Ltd.

12,858

134,623

314,508

Trading

Companies

&

Distributors

2.2%

Alta

Equipment

Group,

Inc.

1,843

19,720

Applied

Industrial

Technologies,

Inc.

3,500

617,610

Beacon

Roofing

Supply,

Inc.*

5,712

473,468

BlueLinx

Holdings,

Inc.*(a)

768

88,581

Boise

Cascade

Co.

3,596

487,114

Custom

Truck

One

Source,

Inc.*

4,608

30,136

Distribution

Solutions

Group,

Inc.*

800

25,536

DNOW,

Inc.*

9,750

98,378

DXP

Enterprises,

Inc.*

1,263

40,694

EVI

Industries,

Inc.(a)

449

10,367

FTAI

Aviation

Ltd.

9,092

490,513

GATX

Corp.

3,210

393,707

Global

Industrial

Co.

1,094

46,528

GMS,

Inc.*

3,714

312,570

H&E

Equipment

Services,

Inc.

2,971

159,810

Herc

Holdings,

Inc.

2,579

380,377

Hudson

Technologies,

Inc.*

3,949

50,073

Karat

Packaging,

Inc.

431

10,396

McGrath

RentCorp

2,248

282,461

MRC

Global,

Inc.*

7,907

84,289

Rush

Enterprises,

Inc.,

Class

A

5,508

247,364

Rush

Enterprises,

Inc.,

Class

B

915

43,252

Textainer

Group

Holdings

Ltd.

3,683

182,861

Titan

Machinery,

Inc.*

1,946

52,017

Transcat,

Inc.*

758

83,410

Willis

Lease

Finance

Corp.*

268

13,135

Xometry,

Inc.,

Class

A*(a)

2,978

95,832

4,820,199

Water

Utilities

0.4%

American

States

Water

Co.

3,381

252,223

Artesian

Resources

Corp.,

Class

A

798

29,127

Cadiz,

Inc.*(a)

3,838

10,401

California

Water

Service

Group

5,237

237,079

Consolidated

Water

Co.

Ltd.

1,424

45,468

Global

Water

Resources,

Inc.

791

9,484

Common

Stocks

Shares

Value

($)

Water

Utilities

Middlesex

Water

Co.

1,619

90,615

Pure

Cycle

Corp.*

1,661

16,261

SJW

Group

2,935

174,750

York

Water

Co.

(The)

1,187

42,590

907,998

Wireless

Telecommunication

Services

0.1%

Gogo,

Inc.*

5,579

49,374

Spok

Holdings,

Inc.

1,682

27,854

Telephone

&

Data

Systems,

Inc.

8,854

170,085

Tingo

Group,

Inc.*∞(a)

11,556

7,974

255,287

Total

Common

Stocks

(cost

$187,231,835)

220,424,472

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Aduro

Biotech,

Inc.

CVR*^∞

1,489

0

Chinook

Therapeutics,

Inc.,

CVR*^∞

5,489

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞

95

0

0

Total

Rights

(cost

$3,781)

0

Repurchase

Agreements

5.3%

Principal

Amount

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,803,850,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$3,879,927.(b)

3,803,289

3,803,289

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

93

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Natixis

Securities

Americas

LLC,

5.29%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$7,962,934,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

4.13%,

maturing

2/15/2024

-

2/15/2033;

total

market

value

$8,122,193.(b)

7,9

61,764

7,961,764

Total

Repurchase

Agreements

(cost

$11,765,053)

11,765,053

Total

Investments

(cost

$199,032,169)

—

105.3%

232,210,053

Liabilities

in

excess

of

other

assets

—

(5.3)%

(11,611,612)

NET

ASSETS

—

100.0%

$

220,598,441

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$36,862,083,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,765,053

and

by

$27,316,654

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/13/2024

–

8/15/2053,

a

total

value

of

$39,081,707.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$11,765,053.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

Micro

E-Mini

Index

80

3/2024

USD

782,360

(7,981)

Net

contracts

(7,981)

As

of

January

31,

2024,

the

Fund

had

$63,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

94

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

95

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

20,528

$

–

$

–

$

20,528

Common

Stocks

Aerospace

&

Defense

2,141,025

–

–

2,141,025

Air

Freight

&

Logistics

454,973

–

–

454,973

Automobile

Components

2,917,565

–

–

2,917,565

Automobiles

210,181

–

–

210,181

Banks

20,366,184

–

–

20,366,184

Beverages

884,191

–

–

884,191

Biotechnology

16,960,897

–

–

16,960,897

Broadline

Retail

186,344

–

–

186,344

Building

Products

4,460,047

–

–

4,460,047

Capital

Markets

3,125,484

–

–

3,125,484

Chemicals

4,132,304

–

–

4,132,304

Commercial

Services

&

Supplies

3,378,052

–

–

3,378,052

Communications

Equipment

1,197,653

–

–

1,197,653

Construction

&

Engineering

3,701,510

–

–

3,701,510

Construction

Materials

770,301

–

–

770,301

Consumer

Finance

1,684,177

–

–

1,684,177

Consumer

Staples

Distribution

&

Retail

1,292,796

–

–

1,292,796

Containers

&

Packaging

595,845

–

–

595,845

Distributors

14,963

–

–

14,963

Diversified

Consumer

Services

2,600,284

–

–

2,600,284

Diversified

REITs

1,328,249

–

–

1,328,249

Diversified

Telecommunication

Services

1,087,618

–

–

1,087,618

Electric

Utilities

1,544,908

–

–

1,544,908

Electrical

Equipment

3,111,447

–

–

3,111,447

Electronic

Equipment,

Instruments

&

Components

6,025,944

–

–

6,025,944

Energy

Equipment

&

Services

5,316,448

–

–

5,316,448

Entertainment

841,647

–

–

841,647

Financial

Services

5,373,603

–

–

5,373,603

Food

Products

2,213,794

–

–

2,213,794

Gas

Utilities

1,974,316

–

–

1,974,316

Ground

Transportation

983,308

–

–

983,308

Health

Care

Equipment

&

Supplies

6,209,205

–

–

6,209,205

Health

Care

Providers

&

Services

5,537,147

–

–

5,537,147

Health

Care

REITs

1,279,351

–

–

1,279,351

Health

Care

Technology

946,587

–

–

946,587

Hotel

&

Resort

REITs

1,975,085

–

–

1,975,085

Hotels,

Restaurants

&

Leisure

4,813,074

–

–

4,813,074

Household

Durables

5,227,340

–

–

5,227,340

Household

Products

732,108

–

–

732,108

Independent

Power

and

Renewable

Electricity

Producers

487,481

–

–

487,481

Industrial

Conglomerates

57,425

–

–

57,425

Industrial

REITs

1,013,018

–

–

1,013,018

Insurance

4,064,583

–

–

4,064,583

Interactive

Media

&

Services

1,566,239

–

–

1,566,239

IT

Services

1,195,666

–

–

1,195,666

Leisure

Products

856,987

–

–

856,987

Life

Sciences

Tools

&

Services

642,839

–

–

642,839

Machinery

7,790,343

–

–

7,790,343

Marine

Transportation

701,257

–

–

701,257

Media

1,428,504

–

–

1,428,504

Metals

&

Mining

4,019,743

–

–

4,019,743

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,517,189

–

–

2,517,189

Multi-Utilities

883,033

–

–

883,033

Office

REITs

1,495,146

–

–

1,495,146

Oil,

Gas

&

Consumable

Fuels

10,108,874

–

–

10,108,874

96

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

Small

Cap

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Level

1

Level

2

Level

3

Total

Assets:

Paper

&

Forest

Products

$

201,323

$

–

$

–

$

201,323

Passenger

Airlines

814,223

–

–

814,223

Personal

Care

Products

2,198,912

–

–

2,198,912

Pharmaceuticals

3,900,906

–

–

3,900,906

Professional

Services

5,454,089

–

–

5,454,089

Real

Estate

Management

&

Development

1,675,629

–

–

1,675,629

Residential

REITs

869,483

–

–

869,483

Retail

REITs

2,646,833

–

–

2,646,833

Semiconductors

&

Semiconductor

Equipment

6,758,411

–

–

6,758,411

Software

12,768,857

–

–

12,768,857

Specialized

REITs

978,516

–

–

978,516

Specialty

Retail

5,568,538

–

–

5,568,538

Technology

Hardware,

Storage

&

Peripherals

2,689,721

–

–

2,689,721

Textiles,

Apparel

&

Luxury

Goods

1,176,757

–

–

1,176,757

Tobacco

314,508

–

–

314,508

Trading

Companies

&

Distributors

4,820,199

–

–

4,820,199

Water

Utilities

907,998

–

–

907,998

Wireless

Telecommunication

Services

247,313

7,974

–

255,287

Total

Common

Stocks

$

220,416,498

$

7,974

$

–

$

220,424,472

Repurchase

Agreements

–

11,765,053

–

11,765,053

Rights

–

–

–

–

Total

Assets

$

220,437,026

$

11,773,027

$

–

$

232,210,053

Liabilities:

Futures

Contracts

$

(7,981)

$

–

$

–

$

(7,981)

Total

Liabilities

$

(7,981)

$

–

$

–

$

(7,981)

Total

$

220,429,045

$

11,773,027

$

–

$

232,202,072

As

of

January

31,

2024,

the

fund

held

two

common

stock

investments

and

three

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Nationwide

Small

Cap

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

97

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(7,981)

Total

$

(7,981)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

98

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Common

Stocks

99

.5

%

Shares

Value

($)

Aerospace

&

Defense

6

.9

%

Boeing

Co.

(The)*

37,172

7,844,779

General

Dynamics

Corp.

37,172

9,850,208

L3Harris

Technologies,

Inc.

37,172

7,747,388

Lockheed

Martin

Corp.

37,172

15,962,029

RTX

Corp.

37,172

3,387,113

44,791,517

Automobiles

1

.1

%

Tesla,

Inc.*

37,172

6,961,944

Biotechnology

3

.8

%

Amgen,

Inc.

37,172

11,681,673

Biogen,

Inc.*

37,172

9,168,845

Gilead

Sciences,

Inc.

37,172

2,909,081

Myriad

Genetics,

Inc.*

37,172

795,109

24,554,708

Broadline

Retail

1

.6

%

Alibaba

Group

Holding

Ltd.,

ADR-CN

37,172

2,682,703

Amazon.com,

Inc.*

37,172

5,769,094

eBay,

Inc.

37,172

1,526,654

JD.com,

Inc.,

ADR-CN

37,172

838,229

10,816,680

Chemicals

0

.3

%

DuPont

de

Nemours,

Inc.

37,172

2,297,230

Communications

Equipment

4

.4

%

Ciena

Corp.*

37,172

1,970,116

Cisco

Systems,

Inc.

37,172

1,865,291

F5,

Inc.*

37,172

6,828,497

Juniper

Networks,

Inc.

37,172

1,373,877

Motorola

Solutions,

Inc.

37,172

11,876,454

Nokia

OYJ,

ADR-FI(a)

37,172

133,819

Ubiquiti,

Inc.(a)

37,172

4,674,007

Viavi

Solutions,

Inc.*(a)

37,172

365,401

29,087,462

Diversified

Telecommunication

Services

0

.1

%

AT&T,

Inc.

37,172

657,573

Electrical

Equipment

0

.2

%

Sensata

Technologies

Holding

plc(a)

37,172

1,344,511

Electronic

Equipment,

Instruments

&

Components

0

.8

%

Amphenol

Corp.,

Class

A(a)

37,172

3,758,089

Corning,

Inc.

37,172

1,207,718

LG

Display

Co.

Ltd.,

ADR-KR*

37,172

160,212

5,126,019

Energy

Equipment

&

Services

0

.6

%

Halliburton

Co.(a)

37,172

1,325,182

NOV,

Inc.(a)

37,172

725,226

Schlumberger

NV(a)

37,172

1,810,276

3,860,684

Entertainment

0

.8

%

Electronic

Arts,

Inc.

37,172

5,114,124

Financial

Services

4

.1

%

Mastercard,

Inc.,

Class

A

37,172

16,698,777

Visa,

Inc.,

Class

A(a)

37,172

10,157,621

26,856,398

Health

Care

Equipment

&

Supplies

1

.1

%

Baxter

International,

Inc.

37,172

1,438,184

Boston

Scientific

Corp.*

37,172

2,351,501

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

37,172

3,254,037

7,043,722

Health

Care

Technology

1

.2

%

Veeva

Systems,

Inc.,

Class

A*

37,172

7,709,844

Household

Durables

0

.8

%

Garmin

Ltd.(a)

37,172

4,441,682

iRobot

Corp.*(a)

37,172

505,539

4,947,221

Industrial

Conglomerates

1

.1

%

Honeywell

International,

Inc.

37,172

7,518,409

Interactive

Media

&

Services

3

.4

%

Alphabet,

Inc.,

Class

A*

37,172

5,207,797

Meta

Platforms,

Inc.,

Class

A*

37,172

14,502,284

Ziff

Davis,

Inc.*

37,172

2,505,393

22,215,474

IT

Services

3

.5

%

Akamai

Technologies,

Inc.*

37,172

4,580,706

Amdocs

Ltd.

37,172

3,407,929

DXC

Technology

Co.*

37,172

810,350

International

Business

Machines

Corp.

37,172

6,827,009

VeriSign,

Inc.*

37,172

7,392,767

23,018,761

Life

Sciences

Tools

&

Services

6

.0

%

Agilent

Technologies,

Inc.

37,172

4,836,077

Danaher

Corp.

37,172

8,917,934

Illumina,

Inc.*

37,172

5,315,968

Thermo

Fisher

Scientific,

Inc.

37,172

20,034,965

39,104,944

Pharmaceuticals

1

.3

%

AstraZeneca

plc,

ADR-UK

37,172

2,477,142

Bausch

Health

Cos.,

Inc.*(a)

37,172

291,800

Bristol-Myers

Squibb

Co.

37,172

1,816,596

Novartis

AG,

ADR-CH

37,172

3,846,187

8,431,725

Professional

Services

1

.4

%

Automatic

Data

Processing,

Inc.

37,172

9,136,134

Semiconductors

&

Semiconductor

Equipment

32

.9

%

Advanced

Micro

Devices,

Inc.*

37,172

6,233,373

Analog

Devices,

Inc.

37,172

7,150,406

Applied

Materials,

Inc.

37,172

6,107,360

ASML

Holding

NV

(Registered),

ADR-NL

37,172

32,332,949

Broadcom,

Inc.

37,172

43,862,960

FormFactor,

Inc.*

37,172

1,441,158

Intel

Corp.

37,172

1,601,370

KLA

Corp.

37,172

22,081,655

Lam

Research

Corp.

37,172

30,673,219

Microchip

Technology,

Inc.

37,172

3,166,311

Micron

Technology,

Inc.

37,172

3,187,499

NVIDIA

Corp.

37,172

22,870,816

NXP

Semiconductors

NV

37,172

7,827,308

ON

Semiconductor

Corp.*

37,172

2,644,044

QUALCOMM,

Inc.

37,172

5,520,414

Synaptics,

Inc.*

37,172

3,970,341

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

37,172

4,198,949

Teradyne,

Inc.(a)

37,172

3,590,444

Texas

Instruments,

Inc.

37,172

5,951,981

214,412,557

Software

19

.4

%

Adeia,

Inc.

37,172

451,268

Adobe,

Inc.*

37,172

22,964,118

Check

Point

Software

Technologies

Ltd.*

37,172

5,907,746

Gen

Digital,

Inc.

37,172

872,799

InterDigital,

Inc.(a)

37,172

3,904,919

Intuit,

Inc.

37,172

23,467,799

LiveRamp

Holdings,

Inc.*

37,172

1,467,551

Microsoft

Corp.

37,172

14,778,844

Open

Text

Corp.

37,172

1,621,071

Oracle

Corp.

37,172

4,152,112

Progress

Software

Corp.

37,172

2,111,741

PTC,

Inc.*

37,172

6,715,122

Salesforce,

Inc.*

37,172

10,448,677

SAP

SE,

ADR-DE(a)

37,172

6,434,473

Synopsys,

Inc.*

37,172

19,825,686

Teradata

Corp.*

37,172

1,716,603

126,840,529

Technology

Hardware,

Storage

&

Peripherals

2

.6

%

Apple,

Inc.

37,172

6,854,517

HP,

Inc.

37,172

1,067,208

NetApp,

Inc.

37,172

3,241,398

Seagate

Technology

Holdings

plc

37,172

3,184,897

Western

Digital

Corp.*

37,172

2,128,097

Xerox

Holdings

Corp.(a)

37,172

686,195

17,162,312

Wireless

Telecommunication

Services

0

.1

%

Telephone

&

Data

Systems,

Inc.

37,172

714,074

Total

Common

Stocks

(cost

$160,936,620)

649,724,556

Rights

0

.0

%

†

Number

of

Rights

Electronic

Equipment,

Instruments

&

Components

0

.0

%

†

LG

Display

Co.

Ltd.,

expiring

3/1/2024*∞

11,816

1,536

Total

Rights

(cost

$0)

1,536

Repurchase

Agreements

0

.8

%

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

5.31%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$3,821,483,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

7.63%,

maturing

3/31/2024

-

5/15/2053;

total

market

value

$3,897,912.(b)

3,820,919

3,820,919

Societe

Generale,

5.28%,

dated

1/31/2024,

due

2/1/2024,

repurchase

price

$1,166,922,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.00%

-

4.13%,

maturing

6/15/2026

-

7/31/2028;

total

market

value

$1,190,085.(b)

1,166,750

1,166,750

Total

Repurchase

Agreements

(cost

$4,987,669)

4,987,669

Total

Investments

(cost

$165,924,289)

—

100.3%

654,713,761

Liabilities

in

excess

of

other

assets

—

(0.3)%

(

2,201,391

)

NET

ASSETS

—

100.0%

$

652,512,370

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

January

31,

2024.

The

total

value

of

securities

on

loan

as

of

January

31,

2024

was

$12,133,490,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,987,669

and

by

$7,710,353

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

2/29/2024

–

8/15/2053,

a

total

value

of

$12,698,022.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

January

31,

2024

was

$4,987,669.

ADR

American

Depositary

Receipt

CH

Switzerland

CN

China

DE

Germany

FI

Finland

KR

South

Korea

NL

Netherlands

TW

Taiwan

UK

United

Kingdom

100

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

Futures

contracts

outstanding

as

of

January

31,

2024:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

E-Mini

Index

8

3/2024

USD

2,758,760

59,211

Net

contracts

59,211

As

of

January

31,

2024,

the

Fund

had

$174,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Nationwide

NYSE

Arca

Tech

100

Index

Fund

-

January

31,

2024

(Unaudited)

-

Statement

of

Investments

-

101

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Mutual

Funds'

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

102

-

Statement

of

Investments

-

January

31,

2024

(Unaudited)

-

Nationwide

NYSE

Arca

Tech

100

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

January

31,

2024

:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

January

31,

2024:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

January

31,

2024.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

649,724,556

$

–

$

–

$

649,724,556

Futures

Contracts

59,211

–

–

59,211

Repurchase

Agreements

–

4,987,669

–

4,987,669

Rights

–

1,536

–

1,536

Total

$

649,783,767

$

4,989,205

$

–

$

654,772,972

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

59,211

Total

$

59,211

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.